The insurance industry handles huge amounts of monotonous clerical jobs every day. During the course of managing day-to-day insurance operations, insurers are engrossed with higher levels of repetitive and operational tasks. RPA in Insurance is a commendable technology trend, which can advantage insurers in designing a high-growth business strategy while reducing cost. Automation in insurance industry emulates transactional and clerical tasks, which are rules-based and does not require decision making and strategizing. The use cases of Robotic Process Automation confronts a radical shift in the advent of digital as it leans on embracing communication between legacy and newer systems that was previously not feasible without extensive navigation and analysis.
Challenges in Insurance
- Manual input from various data sources
- Legacy applications and disparate systems
- Maintaining regulation and compliance