RPA (Robotic Process Automation) is software that helps simulate human actions. If there is an instruction for the action of your company or it can be made, then such a process can be robotized.
What tasks can RPA robots do:
- Data processing, including transformation into the required format. Copying into established forms. Transferring information to databases or from one system to another,
- Working with emails – saving attached files to specific directories,
- Simple logical work in applications,
- Complex computational activities. It includes the participation of artificial intelligence technologies, machine and deep learning,
- Finding information, aggregating information into reports and dashboards,
- Consolidation of information from different sources in one place,
Compilation of statistical reports. It includes monitoring social networks. Here are the news sites and aggregators. Also here are competitors’ sites, electronic trading platforms, etc.,
Obtaining information from pictures up to text recognition and its extraction into other systems,
Analytics and unloading information from office suite applications (Microsoft Word, Excel).
Nowadays is actively used in all spheres. For example, there is rpa in travel.
What is robotic process automation (RPA) in insurance?
Here are the critical issues that insurance companies face when trying to achieve operational efficiency. Here is the role of robotic process automation. Also here are some practical examples of using RPA.
Insurance companies, being one of the highly competitive industries, face many problems. They can lead to a significant technological gap, both externally and internally. Among such problems:
Benefits of using RPA in insurance
Typically, the insurance industry is built on legacy software and systems. Have business process owners ever thought about how to increase the operational efficiency of their division, reduce costs, while not losing, but on the contrary, gaining in quality and volume of work? This is a rhetorical question, and the answer is obvious. But how often do we think about how robotic process technologies can contribute to this in the modern digital world? What are the benefits and potential business opportunities of this promising new technology?
In common insurance industry is a highly regulated sector by rpa in insurance. Have you ever wondered how many repeatable processes and tasks in each organization do not require analysis and decision making, but take a lot of precious work time? It is precisely such tasks that are optimal for forwarding to software robots. These are mostly manual, highly structured tasks based on clear rules that are performed on a schedule or when an event occurs (for example, filling out forms, reconciling data, collecting and consolidating data from several systems, updating the same data in different systems, re-entering data from the keyboard, processing invoices and orders using OCR recognition systems, complex calculations, manual tasks associated with a high risk of errors, etc.). The robotization of business processes allows you to transfer these tasks to robots, which will complete them much faster, more accurately, and more efficiently, minimizing the possibility of miscalculations that are inevitable when exposed to the human factor.
Whatever type of business we are talking about, the main goal of robotization will always be to increase its operational productivity. It minimizes operational risks. It improves the quality of work and significantly reduces operating costs.
Policy admin and servicing
Key decisions provided by technology by dataart.com are, in fact, at the heart of the definition of the acronym:
- It works much faster than people. It carries out the assigned tasks without errors;
- Capable of continuous processing of tasks (i.e. available 24/7);
- It allows the business to free up human resources. it reduces 50-70% of the operating costs targeted for robotic processes, and having a direct positive impact on quick payback (P&L);
- Easy to integrate. They can work with existing systems and applications. Here are outdated ones (legacy), without changing the IT landscape;
- It provides a 100% complete log of their actions. It allows flexible control over operational productivity.
How does the robotization of business processes work?
The question often arises of how the implementation of software robots will affect the already existing IT structure of a particular organization. The advantage of RPA technology is that the software robot is located next to the existing infrastructure. it doesn’t change the IT landscape of the enterprise. The robot is programmed to perform the necessary operations on a schedule. or it works when a certain event occurs. it performs operations. It interacts with existing legacy applications at the interface level. The robotization of business processes generally complements existing technologies. It improves their productivity and efficiency.
The innovative technology of robotic process automation in insurance can raise a number of questions. It’s a traditional point of view. They are about the feasibility of its implementation. For example, what will robotization give? It’s in addition to the additional hassle of its implementation. How soon it can pay off. Or it will pay off at all. There may also be doubts about whether it is possible to program a robot to carry out a specific, highly specialized business process inherent only to a given company, etc. This is already inherent in human nature. It treats everything new with some caution and distrust.
However, it is indicative that most of the world’s leading companies are either already introducing or planning to implement robotization of business processes in the near future. It is becoming more and more obvious that in the modern world with its increasing every day the flow of new information. And here is the need for a quick response to the tasks set. Robotization is no longer possible. Therefore, you should not be afraid of software robots. But you should try to implement them smoothly. Also, you should take into account the operational needs of each specific enterprise and organization. And the result, as the world experience shows, will not keep you waiting.