New technologies, including artificial intelligence, virtual agents, machine learning and more, are creating opportunities for insurers to realize the full potential of robotic process automation.

Many insurers have undertaken pilot programs to automate simple business processes, with the end goal of achieving an industrialized automation capability. According to Accenture analysis, successful automation programs can free up 20 to 30 percent of capacity, not to mention minimize operational risk and improve the customer experience.

But as outlined in a recent Accenture report, automation takes place on a continually evolving spectrum. And as new technologies become more prevalent—for example, artificial intelligence, virtual agents, machine learning and more—there will be more opportunities for insurers to realize the potential of automation.

Watch this Insurance Insight of the Week video to learn the four steps on the automation spectrum and how they can deliver benefits to insurers.

Four stages of the automation spectrum

Robotic process automation (RPA) can have a great effect on transactional, administrative tasks, particularly for back-office functions like claims processing. Consequently, RPA can enable insurers to move human talent to value-added positions where they can focus on more complex customer demands.

Last fall, my colleague Darcy Dague wrote about how data and analytics and machine learning can help insurers achieve increasing levels of automation in the claims function. Read her summary post here, and dive into the links at the bottom of the post for more details.

Next week, I’ll look at claims-specific tasks that are good candidates for automation. Many thanks to my colleagues, UK-based Charles Whatling and Dan Johnson, for their research.

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