1. Data Collection and Validation
a. The RPA bot initiates the process by accessing the insurance company’s system or database to retrieve the policy details of the customer requesting cancellation. They have internal system which they authenticate and access for details.
b. The bot validates the policy information, ensuring that it matches the requestor’s details and is eligible for cancellation.
2. Calculation of Refund or Charges
a. If the policy cancellation is eligible for a refund, the bot calculates the amount based on the insurance company’s refund policy and the customer’s payment history.
b. If there are any outstanding charges or fees associated with the cancellation, the bot calculates those as well.
3. Customer Communication
a. The bot generates an automated email or notification to the customer, acknowledging the cancellation request and providing information about the process.
b. The email can also include any necessary documentation or forms that need to be filled out for the cancellation process. Requires confirmation over recorded line or email.
4. Compliance Checks
a. The RPA bot verifies whether the cancellation request meets the insurance company’s cancellation policy rules and any legal or regulatory requirements.
b. It may cross-check details like the policy start date, premium payment history, and other relevant factors.
5. Update Systems and Records
a. The RPA bot updates the policy status in the company’s internal systems, marking it as “Cancelled.” This will take few hours for the system to transfer this data to a different DB.
b. It also adjusts the customer’s billing and payment records to reflect any refunds or charges.
6. Archiving and Documentation
a. The RPA bot archives all relevant documents, communications, and transaction details related to the policy cancellation.
b. This ensures a complete audit trail for future reference.
By automating the insurance policy cancellation process using RPA, insurance companies can streamline their operations, reduce manual errors, and provide a more efficient and consistent experience to their customers.
To know more about how Sage IT can help in your automation journey, visit: https://sageitinc.com
