Is Robotic Process Automation the Next Step for the Insurance Industry?
Robots are no longer the stuff of science fiction. Today, robotics is already a regular part of our lives from the machines that build our cars to the automated vacuums that clean our homes. With the rise of artificial intelligence and countless smart devices, robotics and automation are becoming an even greater part of our day-to-day – but how can these advances in technology be applied to the insurance industry?
RPA to the Rescue
Robotic Process Automation (RPA) is a technology application governed by rules-based business logic that automates business processes. Using RPA tools, a company can create a bot to capture and interpret application form data for processing transactions, manipulate the data to trigger responses/processes, and communicate with other digital systems.
InsurTech solution providers are constantly looking for the next best way to improve enterprise service and solution delivery offerings for administration processes such as distribution management, compensation, and policy administration—all of which are great candidates for RPA.
Would RPA Work for You?
RPA works best for processes that meet the following criteria:
1. The process must be rule-based
2. The process must be repeated regularly
3. The process must have the same defined trigger(s)
4. The process should be high-volume
When processes/tasks meet the above criteria, implementing an RPA solution will improve daily productivity and relieve employees of monotonous tasks.
To picture this in action, think about the process of moving data from a repository of prospective insurance agents/policy applications to trigger case creation and underwriting. This task is traditionally completed daily by an employee dealing with hundreds of files every day. The introduction of an RPA bot can speed the process up and eliminate human error. Your employees are then free to take on more engaging and revenue-generating tasks – a win-win.
Weighing the Benefits
RPA frees your employees from boring, repetitive tasks, but the benefits go far beyond that, including:
1. Improved customer experience
2. Increased degree of flexibility
3. Enhanced scalability of the solution
4. Improved levels of eligibility
5. Increased efficiency and compliance
6. Enhanced management capabilities
Is RPA right for your company? If you have a high-volume, repetitive task that is taking up your employees’ time, you may want to RPA it!
Disclaimer: The views and opinions expressed by the author do not necessarily reflect the views and opinions of Vue.