Other parts of this series:
In previous blogs in this series, we have looked at how RPA can help insurers reduce processing costs and times, particularly through the use of a two-tiered approach that explores both individual processes and those carried out by teams. The benefits of RPA do not stop there, however. Automation – particularly in the form of RPA – has opened up new possibilities for insurers seeking a competitive edge, not only through lower costs but also through service excellence and highly flexible operations. The automation of repetitive, monotonous tasks frees employees to focus on customer outcomes, in that way helping insurers to increase customer satisfaction and build stronger relationships. Staff satisfaction also increases as employees focus on work that is more interesting and adds value.
Most insurers are already using basic automation to reduce costs and improve operational efficiency. But 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.
Global insurers – with complex organizational structures and multiple locations for processing transactions – may seem more resistant to RPA solutions, but often find that the software bots at the heart of RPA are more readily transferable throughout the organization than people-based skills. This is because the underlying coding of RPA bots for certain processes can be easily modified and replicated to fit related processes on different systems in other regions or businesses. These insurers typically find that RPA is scalable and can result in a flexible yet robust “virtual” workforce.
In the final blog in this series, we will look at some of the elements that insurers should have in place to secure a successful RPA solution.