How can RPA Benefit Insurance?


With the steadily increasing adoption of RPA across the insurance sector, it’s important to understand whether your organisation could benefit from its deployment. So how can RPA benefit Insurance?

Interface, not Integrate

A key benefit of RPA is its incredible adaptability. The secret to this is that it fits around systems that are currently in place. By copying keystrokes and human behaviour, the bots can work around current systems; new systems, legacy systems etc without errors or the compatibility issues of the past.

It’s best not to think of these bots as a program, but more like artificial employees, as their behaviour is closer to human than robotic, they are not trying to integrate with your older systems, they are just trying to ‘use’ them.

The Best of Both

Human employees can’t be blamed for losing focus every now and then. Boring tasks cause boredom. Fact. It’s estimated that a human will make an error in 1 out of every 10 manual steps. But RPA will eliminate this element, AI can’t make human errors.

A bot working 24/7 handles tedious work with ease, in fact this bot can do the work of 5 or 10 human beings without breaking a sweat, or getting ill, or going on a yoga retreat to India for 3 weeks. Much of this work is simply the transfer of data, and copy pasting is no trouble at all for well-trained bot.

In the meantime, human employees can put their higher cognitive abilities to work on more difficult challenges. Problem solving, data analysis, the all-important sales. It just makes sense, put bots and humans to work on what they are best at. It may sound like a sci-fi fantasy but working alongside AI is now a thing of the present.

Employee Satisfaction

A less obvious side effect of this is an increase in the morale of employees. With less mind-numbing jobs to do, their motivation and engagement with their role is likely to improve. Days, weeks and months of awful manual data entry will be replaced with wider opportunities to solve business challenges and complete valuable tasks.

This is a great case to make for user adoption too, in order to avoid robo-phobia among employees it should be made clear that their lives are going to be made easier, and their workload lighter by the assistance of the digital workforce.

Underwriting & Claims processing

The first steps a customer takes with your organisation are arguably the most important, but the problem is this -Underwriting can take forever. Lengthy waiting times during this process cost insurers millions of customers a year, and people today just are not willing to wait this long. They have become used to instant gratification, especially millennials.

The problem is that underwriting requires the gathering of data from various points, depending on the type of insurance you are selling, this can take weeks. Fortunately, the bots can help. Automated requests for information such as health or driving records can be fired off in seconds, and the bots will be able to receive this information and move it into the correct channels, even generating reports on their work.

Some of the most tedious employee responsibilities also come from processing claims. There can be potentially dozens of documents and sources involved in collecting all the information from start to finish. It’s not uncommon for customers to rely on quick processing to solve a crisis, and so it reflects as poor customer service if this difficult job takes a long time to complete.

About the Author

Alistair Sergeant

Alistair is a highly-respected Business Leader, with a passion for building out Business Strategies and a proven track-record in disrupting organisations to drive growth, operational efficiency and delivering commercial gains. As CEO of Equantiis, his main focus is on strategic leadership and growth within the business whilst working through new opportunities that support this. Alistair manages client relationships so that they can benefit from his experience and knowledge. He thrives on leading a disruptive business that works with business leaders to identify and overcome complex business challenges, with cost certainty and transformative outcomes. Alistair is passionate about anything outdoors.  Including running, camping and travelling with the family.

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