In recent years, companies have transitioned to digitalization, which has led to the widespread adoption of advanced technology. RPA has been one of the first steps on the road to this transformation journey for all major industries around the globe.
With robotic process automation (RPA), organizations can quickly adapt to digitalization and can reduce cost, improve customer experience, optimize operations, optimize management, and become more efficient through intelligent automation, while gaining quick ROI. As part of digital transformation, RPA technology also assists in maximizing staff capabilities by reducing their workload and relieving them of tasks that can be easily automated by process automation.
Meaning of RPA in the Insurance Industry –
Using RPA, insurance companies have been able to enhance efficiency and automate administrative tasks, reduce expenses, and concentrate workforce resources on higher-value work. For example, PZU is one of the top insurance companies in Europe. Providing personalized customer service became challenging with as many policies as they had and a huge customer base. Through RPA, PZU has been able to improve both customer and agent experience.
Insurance companies have primarily focused on RPA in relation to high volume, non-complex tasks involving structured data, such as claims processing and forms registration, which require a good deal of manual data entry and retrieval, as well as data gathering and collation.
Role of Optical Character Recognition (OCR) –
The use cases of RPA in the insurance industry are maturing rapidly. Integrating intelligent optical character recognition (OCR) with software robots has revolutionized the industry. The process of handling the many documents insurers receive and preparing them for use is difficult and time-consuming, often resulting in inefficiency and backlogs.
In addition to automating the onboarding of information to enable automatic interpretation, RPA and integrated OCR also facilitate the seamless transition of a large proportion of communications directly into the appropriate workstreams. To improve their automated processes, insurers are now combining RPA with artificial intelligence (AI) and machine learning (ML).
Here are Some of the Use Cases of RPA –
- New Business & Underwriting – As part of the underwriting process, various sources of information are gathered to assess risks associated with a given policy. Data can be automatically gathered and processed by the RPA systems, from both internal and external sources.
- Claims Process – Insurers can use RPA to collect data from various sources to be used in centralized documents so they can process claims more quickly.
- Business and Process Analytics – Insurance companies can only improve their processes if they are able to measure what they are doing. By using RPA, the gauging becomes much easier. The RPA system monitors and records all processes and workflows it takes care of.
- Manual Data Entry Process – Data is often entered manually into the system like quotations in the insurance industry. Processes like this are both expensive and time-consuming. Performing it manually can even result in errors and inconsistencies. With RPA, the work can be done quickly.
- Scalability – RPA software robots give one the advantage of scalability based on the needs. At any point in time, intelligent robots are capable of scalability based on demand.
- Policy Cancellation – A major improvement in insurance cancellation processes has been made by using RPA. For the same transaction, RPA enables cancellation in just a third of the time.
- Form Registration – Using RPA, the form registration process can be improved remarkably, and it takes less than half as long and as much effort as staffing the process by hand.
Business Outcomes Achieved through RPA –
Automation is proving highly beneficial to businesses across a variety of vertical industries, including the heavily human-dependent insurance industry. The insurance industry has quickly realized that RPA can streamline its compliance efforts. At every step, a robot’s performance is tracked and recorded, providing information such as the number of transactions it processes, and exceptions spotted. Besides providing an effective audit, robots can deliver information to guarantee that the organization remains compliant by ensuring the accuracy of data and continuous monitoring to make sure all changes to compliance are being implemented. In the long run, RPA results in lower labor costs, higher output, and quality, and increased productivity.
