Robotic Process Automation (RPA) is one of the most significant technology-based opportunities for the insurance industry.
From underwriting and policy administration, to insurance advisory and claims processing, RPA is making substantial changes in the way insurers operate. This not just reduces cycle times, but also improves customer service, while lowering overhead.
As per the survey conducted by Rapid Value Solutions, organizations can enjoy 40% to 80% reduction in processing time along with 80% to 90% improvement in operational risk management.
Unlike traditional automation, RPA can actually increase an insurer’s overall operational effectiveness with shorter implementation time, less investment, and higher short-term ROI. With RPA, insurers can enjoy a host of benefits – reduction in claims registration, improvement in forms registration, less time is taken to issue or cancel a policy and reduction in approval & processing of credit note refund.
Robotic Process Automation creates a software-based virtual employee and can effectively bring robotic assistants to insurance operations that can take over employees’ low-value tasks that are currently handled by the existing workforce that drains their energy, and morale. Moreover, RPA can handle end-to-end processes without human intervention.
By implementing RPA in business processes, insurance companies can gain savings, optimization and efficiency in few areas, including – onshore & offshore process delivery, process automation and process analytics/ big data.
Please follow this link to see the infographic – Infographic | Robotic Process Automation for Insurance – The Present and the Future
Disclaimer: This infographic has been designed by Rapid Value Solutions.