Natural.Language.Generation.Financial.Services.2016.jpgRobotic Process Automation (RPA) applies specific technologies to automate routine, standardized tasks in support of an enterprise’s knowledge workers. By freeing human employees from these mundane tasks to apply themselves to core business objectives, RPA offers a number of compelling benefits to the workplace.
– Institute for Robotic Process Automation (IRPA)

Did you know that, right now, insurance companies are deploying robotic process automation software to improve operational efficiency around claims, customer service and enrollment and membership?

It's true. In fact, the Institute for Robotic Process Automation (IRPA) has shared a case study featuring RPA in action. The study spotlights a major US-based insurance company, with a global footprint, seeking a new solution after realizing that its virtual cloud-based IT infrastructure could not be orchestrated with human engineers alone. 

As the case study details, the insurance company was undergoing a large transformation to move to a greenfield private cloud infrastructure capable of scaling to 200,000 virtual machines (VMs) over the next few years. Evidently, the insurer’s existing technology environment was too dependent on human-driven manual processes and lacked the ability to handle accurately the thousands of requirements for provisioning, deployment, change management, and ongoing operations within the cloud infrastructure. The tools required to manage such a large, dynamic infrastructure, in real-time, did not exist in the marketplace.

In a move toward leveraging the benefits or RPA, the insurance provider secured expertise to introduce an enterprise solution that combined autonomics and human ingenuity to enable the insurance giant to scale its virtual network up and down by thousands of virtual machines on a weekly basis - building out entire environments and ecosystems of applications rather than simply deploying virtual machines. The solution leverages virtualization technologies paired with autonomics to create a deployment self-service as well as self-deployment of monitoring.

This scenario is not out of the ordinary for today's leading insurance companies. In fact, initiatives to leverage RPA to enhance and digitize operations is surging.
Robotic.Process.Automation.2016.jpgThe age of the digital insurer is right now. 

To meet today's increasingly high customer expectations, insurance companies must accelerate the digitization of their business processes. Here are five reasons BPA is creating a new landscape of opportunity for the insurance market at this time.

  1. Big Savings: As reported by Property Casualty 360, the most apparent benefit of RPA is the dramatic reduction in operating costs. A single robot can perform the routine administrative tasks of multiple human workers.
  2. Driving Critical Analysis: Beyond delivering cost savings, RPA can drive significant and ongoing business improvement. Once implemented, RPA produces metrics and data that provide critical analytics into operational performance.
  3. Improved Operational Efficiency: With BPA, insurance companies gain a greater operational efficiency, resulting in an increased capacity to manage volume fluctuations in operational processes, which may include a rise of new business applications due to product rollouts, spikes in claims processing due to natural disasters, increases in policy cancellations and more.
  4. Flexibility Powers Productivity: RPA is highly flexible technology, with the advantage of fast and inexpensive configuration compared to other types of IT integration because it uses existing interfaces and retains existing security protocols. RPA can be configured to fetch critical information, process it in a predetermined way and present the results in a user-friendly format. Additionally, where a number of different systems need to be populated with policy data, for example, RPA can populate various core legacy systems simultaneously.

The RPA Revolution

As the IRPA reports, any company that uses labor on a large scale for general knowledge process work, where people are performing high-volume, highly transactional process functions, will boost their capabilities and save money and time with robotic process automation software. Just as industrial robots are remaking the manufacturing industry by creating higher production rates and improved quality, RPA robots are revolutionizing the way we think about and administer business processes, IT support processes, workflow processes, remote infrastructure and back-office work.

RPA provides dramatic improvements in accuracy and cycle time and increased productivity in transaction processing while it elevates the nature of work by removing people from dull, repetitive tasks - creating the ideal environment for the rise of the truly digital insurance enterprise. 

The Insurance Industry is changing with the rise of RPA.

A Strategic Approach to Business Process Redesign