Anyone in insurance knows how time consuming claims processing, pricing and admin tasks can be. Not only do they take up valuable time but they are repetitive and a road block for more strategic and high level priorities, such as, account management/relationship building with your clients
A similar story faced by insurers is how to increase growth, reduce cost and optimize business processes.
In a report by Accenture, they state that … “In areas like these, successful [RPA] programmes can free up between 20 and 30 percent of capacity at an enterprise level whilst also minimising operational risk and improving the customer experience…For insurers across personal and commercial lines, RPA pilots have demonstrated material benefits, including a 40–80 percent reduction in processing times, along with improvements in quality rates, auditability and operational risk management.”
The services provided by robotic process automation perfectly enable insurers to achieve long-term growth through reduced processing times, which in turn allows them to spend more time on strategic tasks, including, superior customer relationship management.
Scalability is also a key benefit from RPA. Your business can increase or decrease the amount of robots to meet the demands of the business.
The financial services industry is notorious for managing a high volume of transactions and data, and using legacy systems that do not provide the reliability that is needed. Due to needing to comply with ever changing regulations; auditability, security, and accuracy are crucial. Robotic process automation is transforming the way financial services companies are able to meet these demands and drive successful business outcomes.
RPA allows streamline transaction-laden activities including transfers and deposits, account reconciliation, audit support, fraud detection, credit card processing, client onboarding, and mortgage approval. By automating these various tasks, RPA provides the speed and efficiency necessary to meet growing customer demands and adapt to new compliance rules.