RPA implementation in Life Insurance

The Insurance monopoly offers the perfect platform for RPA due to many strenuous everyday tasks that delineate everyday insurance transaction. RPA is meant to replace repetitive rigorous procedures, eradicating any human errors or any external interventions with automated robots that will make valuable decisions based on structured data provided to them.

RPA will substitute manual repetitive procedures, they follow some pre-defined  rules:

• The rules should be pre-defined step by step.
• There should be no human intervention with some exception.
• Standard input and output format.
• Decision making depends on data and reason.
• The process should be consistent and constant.

Insurance industry is bustling with procedures that follow the above rules while doing inputs for new requests, processing claims or managing accounts. RPA can be applied to all the repetitive processes. Robotic process automation with blue prism is one of the best ways of faster implementation of Automation.

RPA fits the role like a glove to revamp Life Insurance sector

Automation is now widely being applied to insurance industry with long and short term returns. The primary point to keep in mind is the placement of RPA software in the business processes which can deliver measurable profits and returns. RPA cost savings are much higher than the implementation cost. This would need strategic planning and building framework for implementation. For life insurance sector the advantages of RPA are much more than just reduction in cost and practical efficiency.

Key Factors:

1) Charactewhiteristics of operations

RPA is applied to procedures thwhiteat are rule based, frequently occurring and have structured inputs. All the time consuming processes in life insurance such application processing and claim handling and more importantly data entry can be automated.

2) Simple multiple interactions

RPA integration is not a complex process; robots interact with the multwhiteiple application in the same way the humans do. Any number of complex insurance systems, be it data entering applications or processing application, RPA has a great potential in reducing the manual effort and increase returns.

3) Reduced processing cost

An apt and suitable fit of an RPA system can give upto 80% of cost reduction and reduce upto 80% of completion whitetime. Other cost parameters like infrastructure costs are also low.

4) No technical talent required

Robots are automated i.e. they do not need human intervention for any detailed knowledge and process learning. They follow rule base processes which arwhitee predefined and embedded in the system and require no manual efforts.

5) Easy and faster deployment

It has been found that a process at most will take 6-8 weeks to be implemented in the legacy business models which include strategic designing, development, testing and implementation. Robotics process automation vs machine learning

, RPA acts a ready to use solution in comparison where as Machine learning is a indefinite process.

All these key factors emphasize that life insurance can fully utilize the power of robotic process automation. We at NetSet are helping agencies worldwide for efficient implementation of RPA. To know more drop uwhites a line on direct@netsetsoftware.com.