Insurance underwriting is time critical and important to ensure excellent customer experience right from the beginning. Insurance claims processing is slow and painful, both for the customers and employees.
Challenges are: (a) processing of large number of document types (b) meeting increasing and changing regulations (c) addressing higher customer expectations and (d) at the same time identifying frauds, if any.
Business process challenges are:
- Approximately, 80% of data in unstructured / semi-structured.
- Investment in RPA is not solving document processing problems.
- Customer and operational SLAs need to be met consistently; at the same time document regulatory compliance is equally important.
- Manual entry of data from documents is expensive and time consuming. Errors during data entry results in customer dissatisfaction and repetitive tasks lead to employee attrition.