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Ways Robotic Process Automation Impacts the Insurance Industry
Robotic process automation is the definition of a set of instructions for a robot to follow based on triggers and responses.
Fremont, CA: In the insurance industry, a growing number of companies use robotic process automation. RPA is used by market-leading insurers to automate data entry, repetitive tasks, and even computing workloads. RPA extends beyond workflow management to allow businesses to use bots to check records, fill out forms, improve customer service, and facilitate transactions.
How Robotic Process Automation Works
Robotic process automation is the definition of a set of instructions for a robot to follow based on triggers and responses. The most common RPA applications in the insurance industry involve configuring software robots to perform repetitive tasks such as launching and operating a variety of other applications.
Because bots work directly in applications on the user interface side of the presentation layer, RPA requires little coding. As a result, RPA is a great option for insurance companies that use legacy systems. Bots are compatible with the vast majority of legacy applications, making this approach to automation easier and less expensive to implement than other approaches.
Reasons why insurance companies use RPA:
Most insurance companies have workflows that require a lot of data entry and a lot of repetitive tasks. As a consequence, insurance companies will benefit greatly from RPA. Although a number of insurance companies have already automated data entry due to the higher error rates of manual methods, the applications of RPA go far beyond data entry.
Some insurance companies use RPA to assist with customer service. Automation can improve customer perceptions of a company's responsiveness by expediting inquiries and request resolution. According to a recent study, RPA can free up to 30 percent of enterprise capacity while also improving customer experience. RPA can also be used in unconventional ways. Anthem, an insurance company, for example, uses RPA to shift computing workflows.
Smaller insurance firms that have not yet implemented automation can reap the benefits of RPA by pursuing workflow management. Determining the triggers and responses for specific tasks can help identify processes that could be candidates for RPA.