Insurance and Robotic Process Automation (RPA) Robotic_Process_Automation_RPA_in_Insurance__UiPat | Page 4

These processes can be attended or
unattended, that is: processes
requiring human supervision and
interaction or processes that run in
the background in batch mode,
without human input. An RPA solution
must handle both types of processes
with ease, while also being intuitive,
easy to implement, scalable,
compliant and secure.
Robotic Process Automation has a
proven track record in reducing
manual intervention, duplication and
error, as well as speeding up
processing time and throughput and
increasing capacity.
RPA can successfully and significantly
reduce the time insurance agents
spend on collecting customer data,
as well as lower the underwriting
efforts devoted to checking records
accuracy.
In insurance management, RPA is
able to enhance compliance and
audit trails if the required conditions
are embedded into automation
decision rules.
Security is another top concern of
insurance companies anywhere in the
world. Given the increased risks posed
by the rise of cyber attacks and
digital failures, RPA reduces the
liabilities from business processes or
data handling within organizations
themselves.
In extremely hazardous situations, in
which entire company databases
could be lost, RPA ensures that
processes can be switched between
servers and offers the possibility of
reverting to previous features if the
current system does not offer the
desired results.
Insurance in the age of intelligent automation - 4
Dianne Phalon observes that:
“insurance companies are
already very eager to adopt
automation because of the
legacy systems, because of their
annual financial and
compliance goals. And the main
benefits they obtain from RPA,
besides lowering their costs, are
compliance and scalability.”
INSURANCE PAIN POINTS AND
OPPORTUNITIES
Insurers face a constant challenge:
how can they build high-growing
businesses while also optimizing
costs? The key is to understand which
tasks are most prone to manual,
rules-based repetitive effort and
assess the proper way to undertake
the automation journey.
Insurers typically deal with mixed
data formats, including a variety of
paper files and electronic documents
The manual effort is considerable, as
well as time-consuming, costly and
error-prone.
Insurance companies also use a
complex IT environment, with many
third party legacy applications,
systems, and software to manage
their business functions. When adding
a new software solution, integration
needs to be swift, easy and painless.
Otherwise, these companies are left
with outdated applications that no
longer provide the support needed for
organizational growth and
development.
Regulatory changes in tax laws, PCI
standards, HIPAA privacy rules, etc.