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Automate the Mundane
Robotic Process Automation (RPA) enables insurers to automate manual tasks that slow your operations and productivity.
» Software robots and intelligent business rules mimic human actions
» No more copying and pasting and switching between applications and other data sources to find and process information
» The first step towards more advanced cognitive automation solutions
50% of North American and European organizations stated that automation will significantly improve their processes over the next 3-5 years.4
» RPA allows companies to save 50-70% on labor5
» A software robot costs as little as one-third the price of an offshore full-time employee (FTE) and one-fifth the price of an on-shore FTE6
HOW MUCH CAN YOU SAVE?
Spinning Out of Control
MANUAL TASKSwith
5 Ways Insurers Can Stop the Swiveling with Robotic Process Automation
» Costly » Slow » Error-prone » Difficult to audit
MANUAL TASKS ARE:
1,2The Persistence of Manual Processes, Clearwater, 20153,4The Robot and I: How New Digital Technologies Are Making Smart People and Businesses Smarter by Automating Rote Work, Cognizant, 20155Robotics Process Automation: Ushering Innovation, Cost Savings, Xchanging, 2014 6Institute for Robotic Process Automation, 2016 7,8A Holistic Approach to Insurance Automation, Accenture, 20169Robotic Process Automation: The Future of Technology in Financial Services, Accenture, 2015 10A Holistic Approach to Insurance Automation, Accenture, 201611The Business Leader’s Guide to Robotic and Intelligent Automation, Deloitte, 2015
SOURCES
See Robots in Action
75% faster
FINANCE AND INSURANCEprov ider ad jud ica tes c la ims
Three Reasons to
STOP THE SWIVELING
» Nearly half of U.S. insurers still rely on manual processes1
» The top or #1 efficiency challenge of CFOs is manual processes2
» 22% of an employee’s time is spent on repetitive tasks3
Swiveling between
applications to copy and
paste data
Reconciling and validating information
Gathering data from multiple applications and sources like websites and portals
Despite advances in technology, insurers still rely on manual tasks for processing claims, underwriting applications and other core business processes
Customer demand
Competitive pressure
Market maturation
1 2 3
Business Process Analytics“The tasks performed by a software robot can be monitored and recorded at every step, producing valuable data and an audit trail that can support further process improvement and also help with regulatory compliance.”11
“Insurers are finding that it (RPA) can have a major impact in back-office functions such as applications handling, claims processing and data entry.”10
Policy Benefits/Claims
Product Design/ActuaryRealize improvements in auditability and operational risk management7
Policy Maintenance and AccountingAchieve 80%-90% reduction in time to perform a task9
New Business/UnderwritingFree up 20-30% of your capacity8
Download an informative eBook: Stop Your Swiveling: Robotic Process Automation for Property & Casualty and Life Insurers
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INSURER GENERATESmore than
5 Ways to Optimize with RPA