Implementing RPA across the claims process provides an opportunity for insurers to enhance accuracy, efficiency, and customer satisfaction. After explaining RPA (robotic process automation) and some of its characteristics, he provides guidance on implementation, next steps, and lessons learned.
“RPA involves the use of virtual workers, or software robots, to perform business tasks similar to human users. The main appeal for insurers is the ability to handle high-volume and complex data actions at exponentially greater speed than in the past.”
RPA is also notably flexible, which makes it both business-enabling and IT-friendly. It can be deployed alone or with other technologies across the claims value chain.
“A significant number of insurers have already implemented robotics, though few have done so at scale. ROI cycles for RPA can usually be measured in months rather than years. Most early adopters start with multiple functional “pilots” or proofs of concept that are completed in as little as 30 to 60 days. Broader, first-generation programs may take six to 12 months.” –Rob Dietz, Principal, Ernst & Young Advisory Services