How RPA Driven By AI & ML Can Help Insurers

Robotic process automation has disrupted the insurance industry by streamlining operations, enhancing customer experience and improving employee productivity. This AI driven automation process replicates repetitive organizational activities like manual back-office and customer facing tasks. The processes in insurance companies are often duplicated, manual, bureaucratized, and time-consuming.

Modern technologies driven by machine learning and artificial intelligence can automate operations in insurance companies thereby cutting costs and increasing productivity. Manual tasks in insurance result in time consuming application and claims processing. This can be crucial in retailing customers and gaining new ones. RPA has provided a light at the end of tunnel as it promises a significant improvement in operational efficiency, reducing claims processing costs in addition to full compliance with regulations.

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Gartner suggests that 60% of $1b organisations will have deployed robotic tech

Global spending on robotic process automation (RPA) software is estimated to hit $680 million by the end of the year, according to the latest research from Gartner.

RPA tools mimic the “manual” path a human worker would take to complete a task, using a combination of user interface interaction describer technologies. The amount businesses have spent on RPA has gone up 57% from 2017 and Gartner suggests it’s going to increase in pace to total $2.4bn by 2022.

“End-user organizations adopt RPA technology as a quick and easy fix to automate manual tasks,” said Cathy Tornbohm, vice president at Gartner. “Some employees will continue to execute mundane tasks that require them to cut, paste and change data manually. But when RPA tools perform those activities, the error-margin shrinks and data quality increases.”

The biggest adopters of RPA are banks and telecoms companies and according to Tornbohm, this is because the technology allows for user control across every aspect of automated services, potentially helping avoid any automation mishaps.

 

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