Robotics Process Automation, simply put, means the use of software robots to automate routine tasks in order to reduce the time employees work on those routine tasks while helping them be more productive in other areas.
Essentially, almost any repetitive process is a prime candidate for RPA.
Insurance companies regularly do a huge amount of paperwork. Doing all of this paperwork takes up time that staff could devote to more important tasks. And, as the volume of client data grows over time, many insurance companies are looking to shift the burden of time-consuming paperwork onto virtual assistants.
Experts at Mindtree have found that 43% of operations in the insurance industry can be automated.
Here are a few examples of those operations:
1. Claim Processing
2. Underwriting
3. Keeping Insurance Contracts
4. Accounting
5. Ensuring Client Satisfaction
Robots are versatile assistants that quickly and accurately cope with work and are able to:
- reduce the number of errors
- speed up work execution up to 80%
- with a large volume of tasks (by working 24/7)
- business profitability by 2-4 times.
Why does a robot need less time to complete tasks? It doesn’t get distracted and can work simultaneously in several systems: Outlook, Excel, CRM, Word, Chrome, etc.
Robots take on the following tasks:
- accumulate data about clients from various sources
- enter information into company systems
- transfer data from tables to systems and vice versa
- verify key business information
- send emails and notifications
- create invoices
- prepare reports on insured events, etc.
The results of RPA in the insurance industry are so beneficial, it’s really inevitable to see implementation grow quickly throughout this sector. Feel free to reach out to Digital Workforce Solution and book a time to chat about the benefits of working with us to rollout RPA in your business.
