Robotic process automation (RPA) is the use of software robots (or ‘bots’) to automate business tasks. To be a good candidate for RPA, tasks should be manual, rules-based, and repetitive.
Using RPA, businesses can streamline processes to eliminate repetition, consolidate information, and standardize tasks. This improves process efficiency, as RPA can be used to complete several tasks simultaneously: in parallel, rather than in sequence. This also makes processes scalable to accommodate business growth.
Insurers undergo many manual but critical processes involving disparate systems. RPA can help streamline and automate these processes without changing large amounts of legacy code.
In doing so, RPA can help insurers cut costs in critical departments like underwriting, claims, and regulatory and compliance, as well as expedite policy decisions.
When RPA is applied to Insurance Business Process Outsourcing (BPO), it makes the outsourced processes more efficient. Tasks are completed more quickly, with fewer errors and with minimal human involvement.
RPA within the BPO sphere helps an insurance business make the most of its BPO investment. It combines both technology and people skills to provide the most cost-effective and efficient process for all repetitive insurance administrative tasks and activities.