Other parts of this series:
My previous blog discussed factors that make life insurance operations ideal for robotic process automation (RPA). With promises to deliver significant benefits to insurers, quickly and at relatively low cost, this automation technology is at the forefront of digital innovation today.
Let’s look at what makes RPA the next frontier for growth, sustainability and innovation for life insurers.
Productivity boost: Software bots don’t take lunch breaks and work seven days a week at machine speed! Their work is only limited by the responsiveness of the underlying applications and the method that they use to “read” the screen. This technology can reduce average handling time by 40 percent.
Improved operational efficiency: RPA has the operational ability to dynamically manage resource capacity and address peak volumes.
Substantial savings: This low-costsolution can perform routine administrative tasks of multiple human workers. One bot equates to average of 3–4 FTEs at less than half the cost of an offshore resource.
Higher quality: RPA can deliver major improvements in quality by eliminating almost all processing errors. It also helps in fraud detection and compliance as it generates a high volume of operational process data and supports advanced analytics to derive operational intelligence. The data and metrics can also be used for customer experience management, among other things.
Advanced analytics: RPA software bots execute the same processes as humans do, but the bot captures all the details of the process and stores it for later use in auditing and analytics. This way, RPA aids quick and intelligent decision making.
Implementation speed: RPA sits on top of an organization’s existing infrastructure, interacting with various systems and databases at the user interface (UI) layer. This makes it a fairly inexpensive and a timely automation solution.
Enhanced satisfaction: By automating monotonous tasks, RPA enhances staff satisfaction and allows them to focus on higher-value work.
Apart from the benefits above, RPA ensures data accuracy, improves regulatory compliance and streamlines claims processing. Life insurers using advanced RPA solutions can go beyond cost reduction and operational efficiency to transform the customer experience, create new products and services, and provide coverage for different types of risk. Moreover, the financial benefits realized through RPA can be reinvested in emerging digital technologies that underpin personalized customer relationships.
Life insurers ready to reap these benefits must initiate a holistic approach to RPA implementation. In my next blog, I will discuss Accenture’s two-tier approach to maximize the benefits of RPA.
For more details, read our point of view Intelligent Automation: Driving Efficiency and Growth in Insurance.