This whitepaper by Accenture explores the different ways in which insurance companies can make the most of robotic process automation (RPA) implementation. According to Accenture, insurers have a common challenge to combine organizational growth with cost reduction.
The authors suggest that “Robotic process automation programmes can deliver major benefits to insurance operations. But a more holistic approach will allow insurers to realise its full potential. Many insurers have set out on the journey of robotic process automation....In most cases, this has meant running pilots on simple business processes before scaling up to deliver more material benefits through an industrialised automation capability. Our experience shows that a holistic and integrated approach to these implementations is essential.”
RPA provides a way for insurers to automate rules-based, repetitive, and frequent back-office processes such as applications handling, claims processing, and data entry. It provides a way for organizations to develop a scalable and responsive robotic workforce so that human employees can move on to handling higher-value tasks that require judgement and personalized customer interaction.
For insurers, the automation of business processes through RPA has been seen to free between 20 and 30 percent of business capacities with a 40 to 80 percent reduction in processing times. In addition, RPA has allowed insurers to improve quality and accuracy of processes, minimize operational risk, and improve customer experience. Within the insurance industry, benefits have been seen by employing automation in: Sales & Distribution, Underwriting & Pricing, Policy Admin & Servicing, Claims, and Finance & Accounts.
Included in this whitepaper is a discussion of the wider benefits of RPA, the greater automation spectrum, the types of insurance processes that can be automated, as well as the foundations for an effective automation program.