Rapid changes in technology, demographics, and consumer expectations are disrupting the insurance industry. Traditionally cautious, heavily-regulated, and submerged in back office processes – today’s insurance companies are facing a radical shift in the advent of digital.
At a time when the ability to handle data quickly and accurately is a matter of survival, many insurers still struggle to execute high volumes of repetitive business processes. This is impacting growth, profit targets and insurers’ strategic competitive advantage.
The insurance industry is burdened with routine, laborious and time-consuming tasks such as manual data-gathering and data entry. In addition to being costly, this manual work is susceptible to human errors and discrepancies in records.
Traditionally, the back end of insurance firms’ processes has relied heavily on legacy systems and software – some of which can no longer meet the expectations of today’s customers. The implementation of new technologies requires large monetary and resource investment.
Insurers operate under multiple regulatory jurisdictions, complying with changing rules in capital requirements, transparency and reporting, and customer interaction. Regulatory compliance is non-optional for all insurance carriers and most of them place it in their top three strategic priorities.
Today’s mobile insurance consumers have a low tolerance for mediocre service and can easily shop around. They expect unprecedented high levels of choice, price transparency, and timely answers to questions. To compete, insurance companies must provide consistent, best-in-class customer experience.
Automation of manual, labor-intensive processes such as sorting, data entry, data validation, and document routing can have a dramatic impact on optimizing claims processing. Kryon’s RPA solutions enable insurers to focus more time and resources on higher-value activities such as decision-making, improving the quality of the claims management process, reducing turn-around time of claims payouts and improving customer satisfaction.
Kryon’s RPA Platform helps insurance companies:
Kryon RPA can play a critical role in improving governance and regulatory compliance. We produce a detailed log of activities, documenting every step in the process. Kryon RPA means more cases can be processed in real-time, reducing the backlog of work that often requires costly staff over-time.
Insurance companies benefit from:
Kryon RPA executes business tasks on any system or application without affecting the underlying systems. Kryon works alongside existing technologies, offering a compelling alternative to core-platform integrations or replacements. Kryon’s RPA solutions can be deployed with minimum effort from IT support teams – no coding is required, significantly lowering costs and maximizing resources.
Kryon’s user-friendly platform enables insurance companies to:
Kryon’s client-server architecture enables quick deployment of robots and a rapid, secure response to changes in processes. Any required increase in insurance-related process execution capacity can be easily handled by deploying additional robots.
Real-time monitoring, configuration, scheduling and triggering of Kryon Robots are made simple and effortless through Kryon’s web-based management and monitoring Console.
Kryon’s RPA Platform is specially designed for non-techie business users. For instance, it requires no prior programming or coding skills. Users can easily build automation scenarios in Kryon’s Studio using one-click process recording across any application and an intuitive drag and drop interface.
Although Kryon RPA works on all business applications, not all insurance processes are suitable for automation. That’s why we created Hybrid Automation – an innovative approach that facilitates collaborative interaction between your virtual and human workforces – stretching the boundaries of your automation capabilities.
A global insurance provider needed to reconcile Excel files of its customers’ premiums payments with bank statements (pdf attached to email), and then enter approved payments in the ERP system daily. Manually, this process took between 90 to 120 minutes per customer.
Kryon RPA was implemented to reconcile the Excel files with the pdf documents, verify/approve payments and then enter the information in the ERP system. With Kryon, each payment was processed in just 20 minutes.