Insurance processes, which have been largely paper-driven in the past, need an urgent makeover in this digital age. Insurance companies are seeking methods to streamline the multi-format requests received, and improve the efficiency of processing those requests. Moreover, owing to the distributed nature of work across geographies, there is a growing need to balance workload, standardize processes and minimize errors. Given the intimidating volume of processing involved, and the prevailing dependence on human intervention, the insurance industry is now rushing to adopt automation.
LTI’s comprehensive automation solution smoothly addresses these challenges faced by the insurance sector.
Our solution comprises:
Consulting to define automation strategy and roadmap for the client, RPA product selection and process value chain analysis
End-to-end automation implementation, using multiple levers such as RPA, OCR and Cognitive Computing.
Managed services and post implementation support for all automated processes
Typical processes automated for insurance clients include:
Sales & Distribution
Underwriting & Pricing
Policy Administration & Servicing
Finance & Accounting
Cognitive Underwriting, Cognitive Claims and Cognitive Data Intake
Improved consistency and reduction in rework of underwriting processes
Ensured adherence to the ever-changing compliance norms
Enhanced accuracy and redeployment of FTE from labor-intensive repetitive tasks