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Even though Robotic Process Automation (RPA) is not a new concept, considering workflow automation has been around for decades in one form or the other, RPA has been transformative, especially in the customer service automation arena and for the insurance companies.
A quick glance at what RPA is, tells us it is a key component in automation across industries, where it is used to complete routine repetitive tasks that are high volume and where accuracy is a concern. With RPA, insurance companies can bolster insurer productivity, boost process automation, and help deliver differentiated customer experiences and open up a world of opportunities that would otherwise be lost. RPA helps do away with the worry of hiring resources to handle large volumes of data heavy tasks and ensures an increase in customer engagement as well.
“53% of respondents have already started their RPA journey. This is expected to increase to 72% in the next two years. If this continues at its current level, RPA will have achieved near-universal adoption within the next five years.” [Source: Deloitte’s survey.]
RPA exists in two formats:
Let us now look at the top 5 ways through which RPA helps improve customer experience:
It doesn’t stop here, the system is constantly evolving and now we are talking about Intelligent RPA, which is bound to create the next wave. This will involve utilization of advanced analytics to make predictions and stay ahead of the customers. The challenges faced by an insurer while dealing with the structured and unstructured data analysis is done away with thanks to RPA. Similarly, there is going to be automation across processes, which will optimize the operational outcomes.
At Neutrinos, having been at the forefront of digital transformation, we have been exploring RPA and related solutions for a while. We have in fact written quite a few blogs on this as well. Having worked with many insurers, Neutrinos is in a position to deliver value, not just through the implementation of RPA, but also driven by a results-based approach, tailored to your specific goals. Talk to us to know more!