Robotic Process Automation (RPA) is widely accepted across industries as it is easy to use and distribute. One of them, the insurance industry, prefers RPA technology to boost its operational efficiency. In this article, we will talk about the advantages RPA systems provide to the insurance industry.
RPA can easily automate rule-based, repetitive tasks and integrate them into existing systems without complex integration. Thus, it provides up to an 80% reduction in processing time and cost in operational processes. Naturally, these traits are attractive to insurance companies. However, the main goal is to increase operational efficiency provided by RPA. So, how can this be achieved with RPA?
One idea regarding achieving operational efficiency in the insurance industry is to combine RPA with artificial intelligence. By combining AI and RPA, end-to-end processes can be managed swiftly. RPA is good at handling structured data. However, processes include unstructured data as well. RPA may not perform well on unstructured data. This is where AI comes to the aid. AI helps RPA systems operate by converting unstructured data into a structured format.
Artificial intelligence can be combined with RPA to make decisions. For example, RPA can implement a rule-based decision by considering specific criteria. However, increasing complexity can overwhelm the capabilities of RPA. At this stage, AI can assist RPA in making decisions. In brief, AI-powered RPA systems can easily improve operational efficiency in the insurance industry by automating various tasks.
According to a research survey conducted by Gartner in North America, approximately 70% of insurance companies implement RPA in their processes. The same research revealed that insurance companies don’t purchase a single RPA solution. Instead, they use an average of 4 RPA solutions for their business needs. Buying many solution packages instead of a single one has an impact on companies in terms of cost. In addition, these solution packages offer a general structure. Hence, they may not meet the demands of insurance companies fully. RPA solutions specific to the insurance industry can help.
Another way to enhance operational efficiency in the insurance industry is to work with industry-specific RPA software. The insurance industry has specific tasks, and a generalized RPA software may not be sufficient for their needs. As a result, it might be challenging to achieve the desired efficiency. Robomotion has tailored solutions to meet all the needs of insurance companies. With these solutions, you can quickly improve your operational efficiency with a single integration.
Insurance companies can increase their business capabilities with tailored solutions that combine the capabilities of RPA with artificial intelligence. This combination helps the acceleration of operational efficiency success at the same rate as well. Contact us to learn how Robomotion RPA helps the insurance industries reduce cost, increase operational efficiency and accuracy!