Insurance
What is robotic process automation in insurance?
In insurance, RPA refers to the use of rules-based, low-code software “bots” to handle the repetitive tasks of human workers, such as collecting customer information, extracting data in claims, performing background checks and so on. RPA is part of the greater trend of hyperautomation, enabling organizations to transform processes to be more competitive.
The value of RPA in insurance
RPA streamlines the everyday business processes that drain workers’ time, energy and morale. By deploying RPA bots across multiple systems, insurers can improve accuracy and efficiency, freeing up human resources for more strategic tasks. Case studies have shown up to a 200% increase in ROI within the first year of RPA deployment in financial services.
Insurance companies rely on a mix of legacy applications and systems. RPA can help link these disparate systems — with minimal coding — so insurers can conduct operations faster, reduce labor costs and explore new areas of business innovation. In fact, Gartner predicts that by 2025, 70% of new applications written by enterprises will use low-code or no-code technologies.