How Robotic Process Automation is Innovating the Insurance Industry

How Robotic Process Automation is Innovating the Insurance Industry

How Robotic Process Automation is Innovating the Insurance IndustryThe insurance industry has always been one in which growth, profitability and competitive advantage have been significant challenges. This is becoming increasingly true as we steamroll full speed into the digital age. Today’s tech savvy consumers are changing the way they interact with insurance companies, trading traditional agent-based service for a more modern, real-time, virtual experience. Robotic process automation provides the ideal solution for this need.

To demonstrate this, let’s consider the following real-world scenario. A consumer in need of auto coverage goes on his or her mobile device and does some comparison shopping of various insurance companies and plans. Once the choices have been narrowed down, this consumer will then request a quote from each company. From there he or she will accept the most favorable quote/policy and complete the transaction with a purchase.

This may seem simple and straightforward to the consumer, but in reality it requires a complex workflow which involves generating a quote and then underwriting and issuing the policy. That workflow must execute seamlessly in order for the customer to be satisfied. What’s more, all of this must be handled instantly, electronically and without human intervention. Furthermore, if the customer isn’t brand new, there may also be the issue of bridging legacy systems.

In the past, such a scenario would be quite challenging for even a well-known, established insurance company.

Enter RPA. Robotic process automation can effectively link systems and relevant data, solving the issue of integrating existing legacy platforms. This greatly improves efficiency while also addressing the need to manage costs. Companies don’t have to worry about implementing an entirely new system in order to remain competitive. From the consumer’s perspective, the entire process of purchasing an underwritten policy is quick and seamless, thanks to behind-the-scenes automation. Even the billing set up can be handled by the RPA tool.

For the insurance industry as a whole, robotic process automation can provide more overarching and widespread benefits. Greater innovation will lead to better service, which creates a healthier, more competitive environment for all the players in the market today. With RPA, time-to-market will also be decreased, which will ultimately result in lower expenses overall.

The insurance industry has always been one wrought with a number of intrinsic challenges. Those challenges have only increased in the digital age. Robotic process automation can offer all the answers to these issues and will continue to revolutionize the field as new situations and needs arise down the road.

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*This post inspired by UiPath.