Insurance Premium Audit Automation – 2 Hours Briefing

Happiest Minds offers a comprehensive solution for insurance premium automation that includes audit data collection from various sources such as APIs, databases, shared files, and message queues. Our NETHRA Intelligent Document Processing technology allows us to classify and extract payroll and other audit inputs accurately, saving time and effort while improving audit coverage based on changing regulations per state. Our autonomous bots can eliminate the manual processing challenges, ensuring that the premium adjustment process is completed precisely and efficiently. We also perform screen scraping on legacy policy systems to validate the data and ensure that the premium adjustment is done correctly. Furthermore, we use predictive analytics and fraud detection to identify anomalies and outliers in the data, allowing us to adjust premiums accurately and avoid any fraudulent activities. Our data visualization capabilities help us produce visual summaries and reports that are easy to read and understand, enabling our clients to make informed decisions.

To automate insurance premium processes, our approach involves the following steps: • Designing and executing Automation APIs: We will design a catalogue of automation APIs to ensure that the automation process is streamlined, efficient and effective. • Testing the Bot with an Independent QA Team: We will test the bot with an independent QA team to ensure that the automation process is reliable, accurate and secure. • Preparing for Production Migration: We will prepare for production migration by ensuring that all necessary infrastructure and resources are in place to support the automation process. • Deploying the Code to Production: We will deploy the code to production to ensure that the automation process is fully functional and operational. • Smoke Testing in Live Virtual Machines: We will conduct smoke testing in live virtual machines to ensure that the automation process is functioning as expected. • Training the Business Team to Work Alongside Bots: We will train the business team to work alongside bots to ensure that they can effectively manage the automation process. • Providing Daily Bot Monitoring: We will provide daily bot monitoring to ensure that the automation process is running smoothly, and any issues can be addressed promptly. • Managing Change Requests: We will manage change requests to ensure that any updates or modifications to the automation process are implemented promptly and efficiently.