Robotic Process Automation is the technology that allows configuration of computer software, or a “robot” to emulate human actions to execute a business process. It basically mimics human behaviour. While RPA solutions are being taken advantage of in many industries, specifically in the insurance industry, there are lot of uses cases where it can be leveraged to provide competitive advantage to the carriers.
Insurance carriers are inundated with structured and unstructured content resulting in monotonous clerical jobs which impact productivity and customer experience. Insurance operations like underwriting, claims processing, policy servicing, etc., are flooded with overwhelming levels of routine, repetitive and operational tasks. This has contributed to rising costs and stalled growth in the insurance space. RPA is one of the technologies that significantly positions the industry as a whole to become more efficient and customer focused.
The below blog articulates some of the use cases of RPA in the insurance world