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Intelligent Automation means an advanced innovation that combines various Artificial Intelligence (AI) technologies, such as Machine Learning (ML), Deep Learning (DL), Natural Language Processing (NLP), Computer Vision (CV), and more with automation technology.
Automation technologies could be Robotic Process Automation (RPA), Business Process Management (BPM), Optical Character Recognition (OCR), Intelligent Document Processing (IDP), or Business Process Automation (BPA).
In this blog, we will consider Intelligent Automation through RPA Technology.
According to a 2020 Deloitte survey, RPA is the leading technology to usher in Intelligent Automation. The survey reports that:
The 2021 Deloitte global survey sheds more light on RPA and its stand in the market. It reports that:
All these statistics prove that RPA would be a decisive victor to enable intelligent automation.
Industry leaders need to assess their business needs, their current technology status and then build a comprehensive strategy to finalize a decision.
But in reality, according to Deloitte, only 26% of businesses are piloting intelligent automation. Among those businesses, only 38% of them have an organization-wide strategy. The top four reasons as to why enterprises fail at intelligent automation are:
A well-thought and considered decision is the right way to approach intelligent automation through RPA.
The COVID-19 pandemic accelerated the use and need of digital solutions in the insurance industry. Customers now expect products and services through all types of digital channels at any time on their devices. Insurers now need a customer-centric strategy rather than a product-centered one.
Customer Experience is the main challenge that insurance companies need to overcome. Intelligent Automation through RPA can enhance customer experiences, keep them engaged during their insurance journey, handle their queries on time, and meet their expectations.
While there are many use cases of intelligent automation through RPA in the insurance industry, let’s consider the top two use cases centered on customer experience.
The customer service department is the face of any insurance company. Customers decide to go ahead or stay back with an insurance company based on the customer service reviews. No customer wants to purchase or renew a policy if the service is not up to the mark.
RPA technology enables intelligent chatbots that can respond to customers promptly. A customer could contact the insurer through text messages, emails, chat forums, apps, and IVR systems. A chatbot as the first line of contact can handle routine queries and tasks easily. It will then escalate only complex issues to human staff. The customer service is automated with intelligent assistance, and most queries are handled timely.
RPA-led Intelligent Automation here enhances customer experience and reduces the burden on humans.
The claims process is known to be a lengthy process due to all the data received, gathered, verified, and processed. Many customers are not happy with the process, even shifting insurers who offer better claims processing.
Insurers can build apps using RPA with ML, NLP, OCR, and other cognitive capabilities to process data quickly. Intelligent Document Processing empowers insurers to extract unstructured data available in countless documents, integrate with existing systems, and thus speed up the claims lifecycle.
RPA-led Intelligent Automation in this use case will automate the claims process with a human-in-the-loop validation for an easy journey that will improve customer experience.
Insurance companies can automate their core processes to deliver high-quality customer experiences. When each experience with an insurer is fantastic, the customer is liable to be loyal to the insurer and recommend it to others.
As a result, insurers get to embrace digital transformation and also retain loyal customers to maintain their business in a highly competitive and dynamic market. Such changes during the pandemic phase would future-proof insurance companies for the post-pandemic world.
Technology keeps advancing. RPA would also evolve with advanced capabilities and enhance intelligent automation. Keeping in pace with the latest technologies is the ideal solution to maintain, grow, and expand the insurance business in the future.
Neutrinos is a low-code, multi-experience development platform with in-built RPA, ML, DL, NCL, IDP, and other capabilities. Insurance companies can create mobile apps, web apps, chatbots, IoT apps, and more to automate central processes. The Neutrinos Enterprise RPA Platform would help to streamline workflows, increase internal productivity, and create hyper-personalized experiences for customers.
Are you looking to implement RPA solutions in your insurance business?