A Sneak peek into the Evolving RPA Technology Landscape
Transforming into a strategy-centric customer query solving infrastructure is what every service industry craves for. The insurance sector is certainly not an exception.
Pilot programs banking on Robotic Process Automation in the insurance sector are showcasing great and impactful results that stretch far beyond superior efficiency. The potential for cognitive automation is quite significant across the industry value chain.
Exploring Robotic Technologies
RPA is the first step of automation. In today’s tech-driven world, using robots to drive business benefits has become quite normal. The IT-enabled RPA market has grown rapidly in popularity over the last 5 years.
RPA is powered by artificial intelligence which allows machines to perform human activities without any human involvement. Cognitive technologies such as Machine Learning and Natural Language Processing help robots mimic human capabilities, intelligence, and emotions.
Emerging technologies are tipped to foster greater collaboration between machines and humans by completely automating tedious and time-consuming tasks.
How RPA helps the Insurance Sector
The insurance industry has several repetitive and high-volume operational tasks being done on a daily basis. The workforce often gets burdened with routine back-end activities.
Under these circumstances, organizations can count on RPA to streamline work processes and free their resources from time-consuming tasks and focus more on customer service.
There is no denying the fact that pulling data from invoices and implementing it in the core system or moving data to the core system from spreadsheets is time-consuming. RPA can be used to automate all these sub-processes within the major insurance process. RPA also plays a big part in streamlining end-to-end lifecycle processes through seamless integration of front-end technologies and aligning them with the major back-office tasks.
Let’s decode how RPA can enhance insurance processes:
- Claims Processing – This is one of the most data-intensive insurance processes, which depends on collection of data and information from a variety of sources, both online and offline. This makes the process time-consuming and error-prone.
The application of RPA in this process helps speed up the process. It helps insurers hand over tasks to the claims handler and to integrate all disparate claims information.
- Policy Checking – Considering the large volumes of data and a rigid deadline, this is one of the most resource-intensive insurance processes. As one needs to deal with a large chunk of data in a limited time, there is an imminent possibility of errors occuring. Errors and mistakes in policy checking can have a long-lasting impact and strike a serious blow to the revenue process. Implementing automation in the policy checking process has turned out to be a blessing. High volumes of data can be checked in a matter of minutes with maximum efficiency. It also facilitates minimum human involvement by eliminating several decision points.
- Policy Administration – This brings together all the functions of an insurance service provider ranging from underwriting to contract review. Insurance agencies which bank on legacy infrastructure for policy administration are lagging behind because automated policy administration can get the job done extremely quickly, increase operational efficiency, and reduce administration and operational expenses.
- Regulatory Compliance – The insurance sector is controlled by strict regulations concerning audit trials and documentation. Regulatory breaches can hamper the organization’s reputation and result in hefty fines. RPA plays an important role in contract compliance. The application of RPA ensures that data is accurate and can monitor regulatory compliance on a regular basis.
RPA opens up a door of opportunities for the insurance sector. Proper implementation of RPA can completely transform the business. However, insurance brokers or organizations should remember that the effectiveness of RPA depends completely on its mindful application.
One thumb rule to follow would be to ensure that RPA is implemented for monotonous and tedious tasks.
The implementation of RPA varies from one agency to another. How effective is it for your agency?
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