In the current highly competitive marketplace, companies are facing an increasing demand to do more with less. One potential solution to hand off repetitive, manual, and time-consuming tasks to save costs and time is Robotic Process Automation (RPA). RPA projects apply to every industry and are now an essential tool for Property and Casualty insurance providers looking to stay competitive while offering products and services in sync with customer needs.
Typical insurance operations (including underwriting, claims processing, and more) leverage RPA to make research-intensive workloads lighter for the human worker and wade off losses related to fraudulent claims.
What are the Benefits of RPA Projects in the Insurance Industry?
“Quick win” is an apt description of the benefit that insurers notice right away. Some of these benefits include:
Increased Productivity
RPA software is typically designed to work faster and more accurately than humans. The systems know no holidays, sick leaves, or breaks and can work around the clock to complete massive tasks without stopping. They are also specialized to perform specific functions of underwriting and claims processing to free your employees for more high-value tasks. This eventually makes your workers more productive, thus lowering operational costs and increasing profitability.
Better Accuracy
Accuracy and efficiency in claims processing directly reflect in all areas of the business. Unfortunately, costly claim errors happen as a result of human error when manually inputting multiple data sets. RPA is the ideal technology to have at your fingertips to start reducing these errors. RPA projects are an exceptional tool to gather data and information that insurance businesses need for analytical purposes. The software can accurately streamline various processes such as data entry from multiple channels, coverage verification, and issuance of settlement notifications. RPA also helps insurance companies ensure accuracy and precision in claims adjudication and settlement.
Scalability Benefits
If your insurance business is growing rapidly, you need reliable automation software to help you scale your growth potential. You can rely on RPA technology to achieve flexible and adaptable scalability that can meet sudden changes in demand. The technology enables you to increase or reduce the type and number of tasks for the bots at any given time to meet market needs. Because the robotic workforce is designed to adjust to time and task-specific requirements, even smaller insurance companies are adequately empowered to handle evolving markets’ unpredictability.
Improved Customer Service
In the current highly volatile marketplace, providing high-quality customer service is a foremost priority for most insurance companies. Recent studies reveal U.S. companies lose more than $62 billion annually due to poor customer service. With RPA, the software typically handles mundane and repetitive tasks so that your human workers can focus more effort on direct customer interactions and care. You can also use RPA software to generate and analyze critical data on your customers to gain greater insights that help you improve your customer service offering. Additionally, by using RPA to gather data, the chance for human error is significantly reduced, thus improving customer satisfaction.
Improved Employee Satisfaction
Another key benefit of RPA is improved employee satisfaction and engagement. Many organizations are finding that once they implement RPA, employees feel more valued and are happier when they are assigned meaningful work. By using RPA to handle mundane tasks, employees are free to focus on higher-value work. Tracking metrics like employee turnover and employee satisfaction scores can help determine whether automation has led to higher employee satisfaction.
How to Measure Your RPA Project Performance
The best metric to vet and measure RPA is determined by the type of organization, industry, and other factors. Generally, you should determine what you have achieved with RPA compared with the previous processes. Beyond costs, some of the best ways to measure the efficacy of your RPA strategy include:
- Productivity: Bots are designed to complete tasks around the clock at a high rate of speed. Find out if your insurance processes are running faster and more frequently than before.
- Accuracy: Bots complete tasks with constantly decreasing margins of error. Determine if you have reduced errors or if there is improved accuracy of outcomes.
- Consistency: Bots are designed to work identically without any variation. Find out if you have achieved greater consistency and predictability in your typical day-to-day operations.
- Reliability: Bots typically don’t take breaks and are always ready to work. Determine if you have reduced downtimes and increased output with your automation.
- Compliance: Bots follow specific regulatory rules to the latter and never forget even the most minor step. Determine if you have improved your regulatory compliances with RPA automation.
- Employee satisfaction: Employees feel more valued and are happier when they are assigned meaningful work. You can use quantifiable representations of job satisfaction, such as turnover, to determine whether automation has led to higher employee job satisfaction.
Get Professional Help to Implement RPA Solutions Today
The demand for RPA projects has snowballed across the planet thanks to the massive benefits it provides to businesses. The RPA technology adoption in sectors like insurance, banking, and financial services is on the rise owing to its ability to deliver rapid ROI, improved efficiency, and increased control over operations.
OZ helps companies accelerate business processes and measure insights. If you need help to implement RPA solutions in your business, contact us today.