The Vital Role of RPA in Insurance Accounting
Robotic process automation (RPA) is quickly becoming an integral part of the insurance industry. It's transforming how MGAs do business, from underwriting and onboarding to managing policyholder services.
In fact, according to McKinsey, insurers could automate nearly 50-60% of the back-office processes by 2025, resulting in 66% time savings in manual processes (such as filling in multiple forms with the same details).
Insurance accounting is one area where RPA can help your business thrive. In this post, we will look at the vital role of RPA accounting for insurance companies and MGAs, and provide details on how Insly's platform can quickly get you up and running with a suite of automated insurance accounting tools.
How RPA Supports Accounting for Insurance Companies
MGAs and insurers have many complexities to account for in their financial statements. For example, the requirement to hold insurance bank accounts (IBAs) for premium payments and using traditional business accounts to pay out fees, commissions, taxes, etc.
RPA in insurance software can collate all payment information coming in and going out of your business with a high degree of accuracy –– ensuring compliance with accounting standards in multiple tax jurisdictions. In contrast, recording all of this financial information manually opens up the possibility of making costly errors in your bookkeeping, which could, in turn, negatively impact your business.
Additionally, RPA helps underwriters free up time to focus on revenue-generating activities that keep their capacity providers, partners, and customers happy.
In the next section, we will outline the benefits of RPA in insurance tools like Insly. We'll explain how our platform can help your business grow while maintaining flawless accounting records at all times.
Ease of Compliance
Since strict laws govern the insurance industry, firms must follow legal regulations. However, managing compliance can be tricky as policies and laws are added, removed, or amended frequently.
RPA provides an easy and effective way to ensure all your data governance needs are within your firm. For example, Insly's platform was designed from its core to administer fully compliant business practices.
From the moment you're set up with our no/low-code tools, you can rest assured that your records adhere to GDPR, the Insurance Distribution Directive (IDD), and other country-specific data regulations.
Specialist Finance and BI Tools
RPA is ideal for any task requiring the standardisation and analysis of data of large data sets. Accounting and finance planning procedures rely on documents like balance sheets, invoices, accounting records, etc. RPA can easily access and acquire all relevant accounting information and match customer details to company data. RPA can also regularly generate business intelligence reports and share its findings with appropriate departments when required. For example, Insly's specialised reporting tools include:
- General Ledger Accounts/Bank reconciliation
- Anomaly detection
- Invoicing and invoice chasing
- Premium Accounting
- P&L report generation
- Bordereau reporting…..and more.
Insly has combined the needs of insurance, accounting, and administrative tasks into one platform. With everything in one place, you free up time to focus on customer problems while getting a complete and clear view of their policy information.
Because RPA helps you streamline business operations, you can rapidly increase productivity and save money as a result. RPA enables you to reallocate teams to higher priority work that helps you bring in more customers and drive business growth.
Furthermore, when partnering with an insurance SaaS provider like Insly, you also avoid unplanned expenses. We use a transparent, predictable pricing model that makes it easy to plan and forecast your platform costs as your business scales and evolves.
With Insly, you only pay for the RPA in insurance tools you need. Its API-first setup integrates with existing legacy systems, ensuring that your company doesn't waste time upgrading IT systems to accommodate your new automated workflows.
Streamline Your Insurance Accounting with Insly’s RPA Solutions
RPA in insurance can help you innovate and differentiate your firm. Insly is the ideal fit solution to help insurance companies streamline accounting processes, gather data from multiple sources, and help drive better business decisions in seconds.
Our fully extensible, customisable suite of software solutions enables you to completely automate the majority of tasks required to run a successful insurance business.
Insly has over 20 years of experience in the insurtech industry and collaborates with leading experts in insurance automation. The team can help build future-proof solutions for insurers and MGAs, including you.
To find out more, check out our Case Studies and get in touch with the team.