Robotic Process Automation (RPA) is one such emerging technology trend which can empower insurers in building a high-growth responsive business while optimizing cost. RPA (or software bot) emulates transactional, administrative tasks which are repetitive, rules-based and require no decision making or strategizing.

Using robots to drive tangible business benefits is very much a reality today: The IT-enabled RPA market has been growing rapidly at a CAGR of 60.5% from 2014 and is expected to reach US$5 billion by 2020.

The insurance industry was one of the first to witness widespread adoption of robotic process automation (RPA).

Every day, the insurance industry deals with overflowing amounts of monotonous clerical jobs in operations like underwriting, claims processing, policy servicing, etc., insurers are flooded with overwhelming levels of routine, repetitive and operational tasks. This has contributed to rising costs and stalled growth in the insurance space.

The industry’s repetitive, rules-based, and document-heavy business processes make it an ideal candidate for automation. Many companies are now experiencing tangible benefits from RPA and the technology has a lot more to offer.

• Claims Registration and Processing
• Underwriting
• Regulatory Compliance
• Process and Business Analytics
• Policy Admin and Servicing
• Form Registration
• Policy Cancellation
• Sales and Distribution
• Finance and Accounts
• Integration with Legacy Applications
• Scalability

Using RPA bots, following functions can be automated:

• Data entry into key systems
• Download policyholder data from multiple sources
• Read and scan data
• Data compilation from multiple systems
• Verify insurance period
• Flag mismatch/errors in data
• Generate follow-up alerts
• Provide quick approvals
• All-round view of available data to customer support staff