Article Synopsis :
Policy administration is one of the most complex and tedious processes in the insurance industry. High volumes of repetitive tasks are prone to error, and rigid legacy systems often stifle product innovation and/or preclude operational gains available with new technologies.
Wipro’s report “Robotic Process Automation in Insurance” explores the use of Robotic Process Automation (RPA) to help tackle complex but repetitive policy administration processes, freeing up valuable resources to focus on value creation and growth. RPA offers competitive advantage for early adopters in the emerging digital marketplace.
The meat of this concise report is a tabular summary of how well specific functions within policy servicing, claims, and billing lend themselves to automation via RPA. There are also specific claims with respect to productivity gains and cost savings achieved with known RPA deployments.
At an architectural level, RPA can help insurers integrate different systems and automate transaction processing through software bots, which are increasingly easy to code, deploy and scale. More general potential benefits of RPA discussed in this report include:
- Reduced turnaround times
- Increased productivity with less human capital utilization
- Increased accuracy
- Improved compliance
- Risk-free transaction processing of sensitive data
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Digital Insurer's CommentsThough this article is a bit of a puff piece for Wipro’s RPA capabilities, we include it in this month’s Library because it’s one of the few articles we’ve seen that goes on record citing RPA’s applicability for specific core insurance functions, and, as such, we believe you’ll find it useful.
RPA is indeed a hot topic, yet to go mainstream in insurance (or anywhere outside of Silicon Valley or Seattle for that matter). Whereas insurers have tended to slow-play major investments in customer-facing digital technologies, we believe RPA will be inhaled by insurers for its potential to reduce operational costs as much as 30%. In a sustained low-interest-rate environment, rock-solid RPA business cases will emerge sooner than later.
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