RPA and the Insurance Industry
Many insurance companies — whether providers of health insurance, car insurance, property insurance, or travel insurance — are heavily inundated with back-office processes. Insurers regularly handle claims-processing and underwriting as well as providing policy quotes. This means they are often overwhelmed with high volumes of repetitive business practices that prevent them from delivering timely customer service, meeting growth and profit expectations, and maintaining a competitive advantage in the insurance market.
As a result, many insurance companies worldwide are turning to automation technologies to help them streamline their business processes and increase their ability to take on more clients. While some of these companies already make use of partial automation — in order to scan paper documents or to speed up data entry, for example — greater automation capabilities are offered by robotic process automation (RPA). RPA can provide added support to help insurance companies automate entire workflows and streamline a greater number of their operational activities.