The Role of Cognitive RPA in the Insurance Industry
Over the past few years, the insurance industry has been one of the primary receptors of advanced technology. Cognitive Robotic Process Automation (RPA) is one of those stunning innovations that transformed this industry.
Cognitive RPA is an advanced form of business process automation that involves the automation of various internal and external processes through intelligent BOTs.
History of RPA
The implementation of RPA is a relatively new concept. However, the emergence of RPA dates back a couple of decades. Initially, RPA was used as a tool to eliminate repetitive data entry that human operators would do in a bulk. It was used to copy data from a particular source to a computer screen.
The insurance sector soon realized the potential of RPA when it came to processing insurance premiums. The insurance brokers who sell insurance policies used to send documents containing a variety of details such as fax, email, and more to the insurance organization. The insurance organization had to manually manage all these details and data while checking accuracy. This multiple-step sales process consumed significant time and effort and also created basic errors.
Soon, the operations team started using RPA software to structure this vast process. The insurance data was fed to the backend using software BOTs . This made the entire process seamless and saved a lot of time and effort.
The Entry of Cognitive RPA
Recent advancements in Machine Learning (ML), Deep Learning, and Artificial Intelligence (AI) have evolved process automation from being just a scraping technology to a sophisticated cognitive technology, enabling BOTs to make intelligent decisions by mimicking human behavior.
Cognitive RPA comprises state-of-the-art technologies like Natural Language Processing (NLP) and Deep Learning to break-down complex and unstructured data and create models for autonomous and cognitive decisions.
It includes understanding large volumes of textual data and extracting relevant information from different data sources, resulting in two-way automation. Cognitive RPA software feeds from the accepted and rejected applications to learn how those decisions were made. This helps an organization save time and bring down operational costs.
Choosing the Right Cognitive Platform
It is of utmost importance to choose the right cognitive platform. Let’s discuss some of the most essential features of a top CRPA platform.
- Omnichannel Influence – Using cognitive RPA, insurance agencies can automate processes over various APIs and online assets. It can be through chatbots, voice recognition, email triaging or intelligent document processing.
- Low Code Integration – Business process transformations which are powered by automation solutions can deliver a significant ROI even with limited human involvement.
- Dealing with Unstructured Data – A vast majority of insurance data comes from a variety of sources and is unstructured. An ideal CRPA platform should be able to decode relevant information from any type of data source.
A Few Words to End With
RPA has been an integral part of the insurance industry since 2016. Modern-day insurance companies use RPA for automating various time-consuming and error-prone regular business operations. It also helps employees focus on higher-value work and as a result, overall productivity increases.
At Exdion, we provide a variety of AI-powered RPA solutions to enhance business performance. Over the years, we have helped many international insurance brands to deliver great business values and achieve business goals with our best-in-class RPA solutions. To get a comprehensive brief about our services click here