Other parts of this series:
As I discussed in my last blog , Robot Process Automation (RPA) has become a hot topic in the insurance industry. In this installment of a series meant to demystify RPA, I’ll outline some of the benefits of the technology.
RPA software is able to crunch large amounts of data quickly and effortlessly. Once the business rules have been established, the system makes decisions consistently and correctly – every time. There is no employee fatigue, mistakes or judgement calls and information can be processed 24/7/365.
For insurers this means that processing costs can be reduced by as much as 80 percent and FTEs by up to 43 percent. It is not uncommon for companies to achieve a payback on their investment within three months. That these results can be achieved from an initiative that is relatively inexpensive likely explains why RPA has become so buzzworthy within the insurance community.
But cost savings aren’t the only benefit. With RPA, processing times become predictable and consistent, ensuring that transactions are never prone to back-ups or delays due to employee illness or vacations, and high-quality customer service standards can be delivered across the board.
In addition, FTEs freed up by RPA can be redirected to roles that focus on positive customer outcomes, improving overall service and, in many cases, aligning with top line growth objectives. Changes to any process can be easily made by the business users and do not require IT resources to be involved.
In my next post, I will discuss the types of tasks that insurers should consider for RPA.