Digital Staff Assurance Coverage Compliance
Enhancing Underwriting Compliance and Profitability with RPA
Key Solution: Robotic Process Automation (RPA)
Challenge
Data Complexity and Inconsistency: Manually extracting policy data from renewal lists and collecting valuations from multiple external sources (e.g., Nada, KBB, Edmunds) is error-prone and inefficient.
Compliance Risks: The manual process may struggle to consistently meet audit and regulatory requirements, potentially compromising underwriting compliance.
Inefficient Underwriting: Without automation, generating competitive and accurate premium quotes is labour-intensive, risking lower profitability and reduced market competitiveness.
Solution
The RPA solution automates the extraction of policies from renewal lists and gathers external valuation data, using rule‑based logic to generate accurate, compliant premium quotes. This streamlined process ensures underwriting compliance while delivering competitive pricing that boosts profitability.
Before Implementation:
- Manual extraction of policy data and valuations from disparate sources, leading to errors and inconsistencies.
- Labour-intensive manual calculations and quote generation, prone to inaccuracies and delays.
- High risk of non-compliance due to human error, impacting audit outcomes and regulatory adherence.
- Inaccurate or delayed premium quotes can result in uncompetitive pricing and lower profit margins.
After Implementation:
- Automated data retrieval from the renewal list and external valuation sources ensures consistency.
- RPA calculates the average valuation using rule-based logic, delivering precise and timely quotes.
- Automated processes ensure 100% compliance with audit standards, minimising operational risks.
- Accurate, competitive premium quotes increase profitability, with profits exceeding one million dollars.
Impact
100% Accuracy
100% Compliance
>USD1mil Profits