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How is RPA transforming the Insurance Industry?

slide1 How RPA the Insurance industry transforming Download Whitepaper

How RPA is transforming the Insurance industry

The insurance industry faces the challenge of growing competition and evolving custom demands. Above this, it is an industry that relies heavily on paper based processes and monotonous jobs, which can be resolved with automation across systems. While RPA does pose a few challenges, effective planning can help address these hurdles to offer a seamless journey.

“While the total RPA market revenue was $125 million in 2016, the total valuation of the top 3 RPA firms became $10.8 billion, with total revenue of $1 billion in 2019, and the total RPA revenue is expected to increase to $1.5 billion in 2020.” ~Forrester

Few significant benefits of RPA are:

Faster claims handling
Rapid to market
Increased efficiency
Improved productivity
Streamlined insurance journey
In the next 2-3 years to come, 30% or more of all insurance processes are likely to become automated. Insurance companies have already begun their journey in adopting RPA into their systems, and will soon increase the integration. It will help companies access and analyse both structured and unstructured data, offer streamlined processes and top notch customer experience.

RPA and Cognitive Automation connect the core insurance processes with AI, ML and other capabilities that are needed to increase efficiency, optimise operational cost, reduce
response time and help the employees focus on other important tasks.

What makes RPA such a natural fit in the Insurance industry is that it can not only automate end to end processes, digitize functionalities but also help in the entire product lifecycle by integrating all advanced front end technologies with back-end environments.

Read our Whitepaper “How RPA transforming the Insurance industry” to know more!  

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