About Client

The client is a well-recognized insurance company. Its daily operations include risk management solutions, policy processing, insurance underwriting, and premium management.

Client Requirement

Insurance processes include underwriting, a highly sophisticated workflow integrating data, statistics, and guidelines provided by actuaries based on a set of business rules.

Underwriting requires information gathering from historical data sources to assess the risks involved in a specific policy. This data collection process can be time-consuming, taking as long as two- three weeks on an average scrambling, analyzing and recording data for an accurate analysis of a policy issuance risk.

Problem Statement

Policy issuance and underwriting guidelines differ from one insurance company to another. Thus, it becomes imperative for the underwriter to understand the risk associated with each of the data records under analysis.

For example, for the issuance of automobile insurance policies, an individual’s historical driving record is indispensable.

The underwriting process for life or health insurance requires to assess an applicant’s health status, age & occupation which can be an operationally expensive and painstaking slow manual process.

The client wanted to adopt RPA to make this slow time-consuming manual underwriting process error-free and reduce the time involved in operations.

RPA Tool Leveraged

• UiPath

Solution Offered

After an analysis of the as-is process, the client was offered to integrate RPA to automate their underwriting process. In the proposed solution, Intelligent Robotic Process Automation (I-RPA) would automate the process of data collection from multiple diverse resources. The aim was to reduce the time, and operational costs involved in the manual workflow.

RPA bots when combined with AI and analytics, collect data from legacy systems and fill the required data fields in internal systems to analyze historical data sources. Which helps the underwriting agents to accurately study, and point out the risks associated with a policy issuance.

The RPA solution was implemented in a two-phase process –Feasibility Assessment; the second, Bot Development & Deployment.

During the feasibility assessment phase, our automation experts suggested creating a single repository that would securely store the applicant’s publicly available information about traffic violations, accidents, residential details, etc.  This repository would automatically calculate the risk involved in premium cost and coverage limitations.

The bot development and deployment phase involved the process of publicly available information collection and analysis of the insurance application made by the applicant. The bots will categorize the applications received into low risk and high risk based on the set of pre-defined business rules.

As a part of the final solution offered to the client, the underwriting automation bots were developed on an Agile methodology concept to adapt to new business rules, development, test, and deployment cycles.

Business Benefits Delivered

• Human-induced errors reduced to almost zero error instances.
• The process efficiency improved by 70% with an improved average handling time (AHT).
• Operational cost reduction by 60%.
• Assured business continuity.