If RPA can be used anywhere, experience shows that using RPA has more impact in some industries than in others. This primarily includes the financial services sector . An important part of the banking and insurance business is data collection and processing. Forty-three percent of this work can be automated the regulations of banks and insurance companies such as the KYC requirements are subject to constant change. Software robots can be quickly adapted to regulatory changes. In this way, companies avoid embarrassing compliance issues.
In the insurance sector, for example, there are a number of tasks that lend themselves to a process automation as
• Updating sales scorecards to intermediaries
• Carrying out credit checks as well as regulatory and legal audits
• Accounting services that are currently not supported by straight through processing
• Data entry for approval and registration processes
• Generate renewal premiums
• Manage policies
• Updating customer data including bank details
• Reject or cancel policies if no payments are received
• Recognise and agree on premium deviations in the policy
• claims processing
• Assignment to agents
• Entering the first loss notification (FNOL)
• Notification of the claims adjuster
• Automate daily bank reconciliations
• Handling low-risk payments
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