Automation is revolutionizing life insurance, bringing enhanced efficiency and improved customer service. In his article, Praveen Kumar Peddamukkula examines how technologies such as Robotic Process Automation (RPA), Artificial Intelligence (AI), Machine Learning (ML), and blockchain are transforming underwriting, claims processing, and policy management, driving the industry toward a more streamlined future.
Enhancing Efficiency Across Processes
Automation technologies are enabling life insurers to optimize and speed up complex processes. The introduction of RPA allows insurers to automate repetitive, rule-based tasks, significantly reducing processing times. By automating data entry, policy administration, and claims processing, insurers have managed to cut down the time required for claims from several days to mere hours. This shift improves the speed and efficiency of service delivery and increases overall operational efficiency, allowing insurers to serve clients faster and more accurately.
Improved Accuracy Through Automation
Automation significantly reduces human error, improving the accuracy of underwriting, pricing, and claims processing. For instance, Robotic Process Automation (RPA) …