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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.

By Nick Ostdick,  23 February 2017
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4 Projections for Automation in 2017 (and Beyond).

The year 2016, called the “year of the robot” by The Institute for Robotic Process Automation, was a big one for the advancing development and adoption of automation technologies like robotic process automation (RPA). While RPA was implemented by companies around the world, a significant number were BPOs and originated from the manufacturing, insurance, and financial services. The the technology also saw robust growth within the EMEA (Europe, the Middle East, and Africa) region and North America.

According to a 2016 figure by the research and advisory firm Gartner, the “demand for RPA tools is growing quickly, at about 20 percent to 30 percent each quarter.” And this growth is only expected to continue throughout 2017. In fact, automation is expected to be one of the top technologies trends this year.

By Nick Ostdick,  14 February 2017
Topics: RPA, Automation, Trends, 2017
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How RPA Technology Facilitates Legal Compliance

Regardless of industry, location, size, and revenue, all businesses are subject to legal compliance — tax laws, PCI standards, regulation SCI rules, FISMA regulations, FCPA rules, or HIPAA privacy standards — in order to protect their operations, employees, and customers. After the 2008 financial crisis, establishing and maintaining effective compliance has grown in importance, especially in order to avoid the financial and operational consequences of non-compliance.

Even though compliance is increasingly becoming a focus point for companies around the world, maintaining regulatory compliance is still an area of risk and various challenges exist in effectively meeting all regulations on a regular basis. Many companies do not fully understand their legal obligation; continue to promote unorganized and non-compliant business processes; use unstreamlined data backup procedures; and may be unprepared for legal audits.

By Nick Ostdick,  26 January 2017
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UiPath RPA Innovator Series: A Conversation with EY's Chris Lamberton

UiPath sat down with Chris Lamberton, EY’s London-based EMEIA RPA Leader for Financial Services.

His role includes helping clients use Robotic Process Automation (RPA) to transform the agility and financial performance of their organizations, with a particular focus on bringing digital and cognitive capabilities to the customer relationship.

In this interview, Chris gives readers the benefit of his and EY’s extensive client experience as he expresses views on: how Robotic Process Automation enables insurers to overcome legacy IT challenges; what product innovations led to the current surge in RPA adoption; why many implementations fail.

By David Eddy,  17 January 2017
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Does Robotic Process Automation Mean Economic Doom?

In the past years and months, there has been significant buzz surrounding the rise of automation technologies — robotics, robotic process automation (RPA), artificial intelligence (AI), cognitive technologies, and machine learning. A significant portion of this discussion has been centered around how these technologies will impact jobs and the overall global economy.

For example, a recent study by Citi and the University of Oxford’s Martin School found the automation potential of jobs to be around 38% in highly skilled, developed countries with much higher percentages of around 85% being possible in developing countries. As a result of these statistics and other research regarding automation, there is noteworthy controversy among experts, insiders, and researchers about whether automation technologies will have positive or negative economic consequences. It can be argued automaton can provide time liberation and costs saving that will enable companies and their employees to focus on more creative, innovative, and value-adding activities; on the other hand it can also be argued automation will eliminate the need for human workers entirely and spell doom for the economy.

By Nick Ostdick,  12 January 2017
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Teach Me: Automation’s Role in Education

Without even recognizing it, many of us already interact with automation on a daily basis to simplify everyday tasks. We receive automated order confirmations after placing online orders, use “smart” devices to regulate our thermostat and lock our doors when away from home, or maybe use a parking assist feature on our car. These kinds of automations are infiltrating workplaces and homes at a rapid pace, and the average consumer is quickly experiencing a semi-automated lifestyle in all aspects of their day-to-day lives. Despite all of this, the impact that automation has on education systems is hardly considered — however, automation’s role in education is most definitely a topic for discussion.


By Nick Ostdick,  15 December 2016
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Looking Forward, Looking Back: Five Key Moments in The History of RPA

 

It’s a cliche, but like so many cliches, it’s true: You can’t truly understand where you’re going without understanding where you’ve been. Whether in life or in today’s global business climate, this statement rings true now more than ever, particularly in the emergence and development in robotic process automation (RPA) in a number of industries across the globe.

We’ve discussed in length in previous entries how RPA is a disruptive technological development that has changed the way companies both large and small manage their back-office processes, operational duties, and even customer-facing tasks. Whether it’s removing the number of keystrokes employees must deploy to complete tasks or using advanced, intelligent robotic systems to completely reimagine how a company conducts internal audits or reviews detailed analytics on company performance, RPA has been embraced as a key driver in leveraging efficiency and productivity.

By Nick Ostdick,  6 December 2016
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Accounts Payable (A/P) Automation with RPA

Executing finance and accounting processes, specifically accounts payable (A/P), poses a significant pain point for many businesses across various industries. Even in today’s technologically advanced business world, many accounting departments still rely on manual employee involvement and paper invoices in order to process payments. At the same time, many other companies depend on outsourcing to BPOs in order to have their finance processes transacted.

A/P processes are repetitive, time-consuming and typically require high levels of involvement from employees. As such, robotic process automation (RPA) is an excellent fit for the automation of A/P processes. But even so, recent research by Basware and MasterCard indicates only 20% of companies use automation software internally to alleviate their accounts payable headaches. While RPA isn’t a one-size-fits-all solution for all companies, the technology has the ability to help companies streamline their financial tasks in order create enhanced efficiency and operational control.

With this in mind, let’s consider the benefits - and challenges - of implementing a RPA solution to automate financial tasks, as well as the role BPOs can play in this process.

By Nick Ostdick,  24 November 2016
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The Benefits and Challenges of RPA Implementation

With the implementation of any new technology, it’s important to consider not only it's value proposition but also recognize the importance of a successful implementation to the ultimate performance of  the technology within your company. RPA (Robotic Process Automation) is no exception and provides both compelling benefits and implementation challenges to new users.  

Based on recent findings from KPMG’s Global Sourcing Advisory Pulse Survey titled Robotic Revolution, technology experts believe “The opportunities [from robotic process automation (RPA) implementation] are many — so are the adoption challenges...For most organizations, taking advantage of higher-end RPA opportunities will be easier said than done.”

That certainly sounds a bit ominous and definitely begs the question: What are these difficulties? What value-added services can RPA provide? What are some of the roadblocks and success stories regarding implementation?

By Nick Ostdick,  3 November 2016
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Why RPA is Right for The SMB

Like all companies, the small and midsize business (SMB) encounters unique operational challenges in realizing its full potential. According to a recent report published by Tech Aisle, some of the top ten business issues for SMBs in 2016 include managing uncertainty, reducing operational costs, increasing business growth, increasing profitability, attracting and retaining new customers, improving workforce productivity, and improving quality of products and processes.

Leveraged by large global corporations to increase efficiency, enhance accuracy, and improve scalability of business activities ranging from a simple data migration task to claims processing, robotic process automation (RPA) helps companies streamline practices and enhance efficiencies. While commonly deployed by larger organizations, RPA’s capabilities beg the question: Can SMBs implement RPA to address their own pain points and realize the same RPA benefits that larger enterprises do?

By Nick Ostdick,  27 October 2016
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UiPath Blog

What is Robotic Process Automation (RPA)? How can you automate and improve business processes? Are you in need to go to market faster, make your organization more effective, want to test functionality and integrate applications in hours rather than days and weeks? Whether you are just starting or looking for expert advice, chances are you'll find something to improve your work.

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