Other parts of this series:
Technological advancements over the last couple of years have changed the game for every industry. New ways of working have replaced traditional methods. Computers have started performing a range of administrative tasks. And now, emerging technologies such as robotics, cognitive computing and Internet of Things are taking the game a notch higher, promising immense benefits.
In the life insurance sector, in particular, Robotic Process Automation (RPA) has ushered in an era of low-cost, high-quality and quick service delivery. Remember how the introduction of machines completely transformed the way factories once operated? RPA is ringing in a similar revolution, overhauling the way business processes are solutioned, delivered and managed.
This human-computer technology provides a virtual workforce that is ruled based and is set up to connect with organizations’ systems in the same way as their existing users. RPA can redefine back-office functions such as applications handling, claims processing and data entry, completely eliminating human intervention in repetitive, time-consuming tasks. The results are immense and essential for an organization’s success.
RPA pilots across multiple insurers have demonstrated material benefits, including reduction in processing time by 40–80 percent. Businesses have also reported huge quality improvements, driven by RPA’s ability to create a full audit trail which reduces compliance and business risk. Additionally, the technology has the ability to reduce average handling time by up to 40 percent, enhance customer experience and make a business resilient and operational 24X7.
It’s time for life insurers across the world to embrace RPA and transform the way they operate and serve customers.
In my next blog, I will discuss the key points insurers need to consider to implement RPA seamlessly and achieve new levels of operational excellence.