Insights from The Lab

RPA in Insurance

Category: RPA in Insurance

By The Lab Consulting Insurance Knowledge Work Industrialization RPA in Insurance Standardization September 28, 2022
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Life Insurance Carrier: Standardization and Automation Boost Employee Productivity, Policyholder Experience

The Client This company is a leader in life insurance products for direct-marketing channels in North America. A subsidiary of a top-ten global multiline insurance company, this subsidiary was built through acquisitions. Although operations of the acquired insurers were consolidated and centralized, their brand identities were maintained for marketing and sales. The scope of the …

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By The Lab Consulting Insurance Robotic Process Automation Robotic Process Automation in Insurance RPA in Insurance RPA Insurance Use Cases September 28, 2022
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Automate insurance policy-renewal and lapse-notification processing

Insurance brokers: Save 15-20 minutes per letter when processing policy-renewals and lapse-notifications   Implement insurance bots to prevent lapses and increase policy renewals—sending thousands of letters a day! Notifying your policyholders that their policies are due for renewal is a massive challenge for your insurance brokerage. This isn’t a one-time thing. It’s an everyday, tons-of-manual-effort thing. …

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By The Lab Consulting Insurance Reducing Insurance Operating Costs Robotic Process Automation in Insurance RPA Case Study RPA in Insurance RPA in Insurance Industry RPA Insurance Use Cases RPA Use Cases September 21, 2022
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Robotic Process Automation for Insurance: Direct Bill Commissions Reconciliations

Do you really still have people performing these rote, error-prone chores? “Reconciliation” is just a fancy word for “making sure things match.” It’s an essential  cross-checking chore that can be found in all industries. In insurance, you need to make sure that numbers from one source—say a carrier’s commission statement—match those in another—such as your …

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By The Lab Consulting Cost Reduction Cost Reduction Strategies Digitization Insurance Knowledge Work Industrialization Knowledge Work Standardization Thought Leadership Lean Insurance Process Improvement Robotic Process Automation in Insurance RPA in Insurance RPA in Insurance Industry Standardization June 7, 2022
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Insurance Brokerage: Standardization Enables Valuable Sales Automation and Reduces Administrative Burden

Sales and Operations The recently-hired COO of a large, successful, third-generation, family-controlled insurance brokerage struggled with a range of frustrating challenges. The traditional, “sales-driven” culture typical of almost all comparable brokerages was based heavily on personal, face-to-face relationships. Lots of businesses rely on this model for sales; however, this culture also pervaded senior management’s views …

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