As the insurance industry continues to digitally transform , we take a look at how robotic process automation could be the key to jumpstarting innovation
“ Using digital labour allows insurers to build agility and resilience into their businesses ”
DIGITAL TRANSFORMATION
As the insurance industry continues to digitally transform , we take a look at how robotic process automation could be the key to jumpstarting innovation
Robotic process automation ( RPA ) is changing the way insurers do business . From claims management and call centre support to underwriting , RPA is freeing up employees ' time of time-consuming , repetitive tasks , instead allowing them to focus on more important tasks and innovation .
Within the insurance industry , RPA offers countless opportunities . Take claims processing , for example . The claims environment highly depends on speed and accuracy to meet customer demands . RPA can help to streamline the back-office , ensuring customers and employees have the information they need when they need it .
The drive to adopt this technology came before the beginning of the coronavirus pandemic , with 70 % of insurance CEOs looking at operational efficiency as a driver for revenue growth . This push for automation has only grown since the pandemic , many turning to RPA to deal with increasing workloads in areas such as customer service and data entry .
It comes as no surprise that with its ability to improve efficiencies , Gartner predicts that by next year , 90 % of large organisations globally will have adopted RPA in some form . Similarly , a recent PwC survey of 6,000 insurance consumers in the U . S . found that 41 % are likely or more likely to switch insurance providers due to a lack of digital capabilities , indicating that customers do not want to do business with insurance carriers that still rely on outdated channels , processes and platforms .
“ Using digital labour allows insurers to build agility and resilience into their businesses ”
JERRY WALLIS HEAD OF INDUSTRY STRATEGY , EMEA , BLUE PRISM
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