Even though current software packages for policy administration save employees a lot of labor, they still include complex navigations through multiple applications, causing inefficiency and opening room for error.
Insurance robotic process automation solutions, backed by machine learning
and natural language processing, can receive emails from policy holders, extract data, make the required changes, such as bank mandate and address alteration, and send confirmations. The technology can handle policy rating, issuing, endorsing, renewing, and cancellation, among other tasks.
Zurich Insurance Group deployed an automation solution
built by Capgemini based on BluePrism software. It involves RPA robots early in policy handling as they enter policy details into the system, issue invoices, and draft policy documents that officers can review. Both Zurich clients and the insurer benefit greatly from this approach. Raffaele Nutricati, Head of Robotic Process Automation at Zurich Commercial Insurance, said, “Not only are they receiving policies of higher quality than those processed in the traditional manner, there is a significant decrease in the number of emails and phone calls to clarify information with our support desk.”