Automating the routine in insurance with RPA
Automation is the new black, owing to its efficiency and optimization of results as well as resources. All industries are embracing it slowly but steadily, and insurance is not one to be left behind. Most insurance companies are burdened with routine business processes that take up a lot of time and manual effort which can be saved if automated.
Robotic process automation (RPA) is a set of technologies used to automate processes that require human involvement. The insurance industry has sought the help of RPA to streamline its various business activities like customer service, claims processing, underwriting, policy administration, payments, etc. to improve operational efficiency.
Need for robotic process automation in insurance
RPA serves as a central platform that performs rule- and knowledge-based work in the insurance industry and fulfills the following needs:
Eliminates human error: Most business processes in insurance involve human efforts and is, hence, susceptible to human error. RPA eliminates the need for human intervention by automating rule- and knowledge-based work. This decreases the cost of loss and time taken for these processes. The employees involved in these processes can then be utilized in processes, which require human interactions with customers.
Integrates data sources: Various business processes in insurance like claims processing involve manual data input from customers. This input can be in the form of different media like paper, emails, images, digital documents, etc. which makes it quite inconsistent and cumbersome to maintain. RPA removes challenges in this space, by automating the integration of media.
Ensures compliance: Compliance standards, guidelines, and regulations are subject to a lot of changes and updates. Changing the company’s guidelines and systems accordingly can take a lot of time, effort, and money. RPA makes the transition smooth and easier.
Enables data recovery: Storing customer data manually in physical or even digital form can make it difficult to find the specific data a company can be looking for. RPA makes it easy to track and retrieve the data, reducing the company’s time and effort.
ANTstein — Automation value opportunity
AntWorks ANTstein, a lightweight softbot, is a content-based object retrieval framework that captures textual and non-textual data from digitized documents and converts the data to usable information. It is the only RPA platform in the market to have all four building blocks for data extraction, namely, cognitive data capture, RPA, cognitive ability, and business insights for supporting an automation and digital transformation journey.
AntWorks recently received a recognition from Horses for Sources (HfS), the leading analyst authority and global community for business operations and IT services, as ‘The Most Innovative RPA Provider.’ This has marked the beginning of our transformation in revolutionizing global service delivery, operations, and process outsourcing.