Robotic Process Automation
Insurance is a very data-heavy business. Insurers typically ask their customers to complete a multitude of forms before issuing a policy or processing a claim, which necessitates having a number of staff to manually input data into the core system for further processing. Often, the same data has to be entered multiple times due to business process constraints or legacy systems.
This sort of repetitive and mundane manual task is prone to errors and tends to create avoidable employee fatigue. As technologies advance, it becomes imperative that insurers remain agile and focus on their core business, rather than non-core activities.
Implementing Robotic Process Automation (RPA) enables insurers to direct more resources into key activities like enrolling more customers and adjudicating insurance claims.
Operational Tasks are Ripe Candidates for Robotic Process Automation
Operational tasks like submission, policy issuance, and claims processing are repetitive, high-volume, and involve multiple legacy systems. There are strict SLAs to be maintained in performing these tasks that involve a large number of people performing similar activities. The need for large teams to manually enter data from applications or claim forms can be eliminated through process automation, allowing these resources to be used for other core business activities. Rules-based decisions, which are a big part of operational tasks, can also be automated to improve efficiency.
A robotic process automation center of excellence has been setup at MFX to help clients assimilate RPA into their core processes. The RPA center of excellence consists of:
The key tasks of the RPA CoE at MFX will be:
MFX offerings for RPA:
- SaaS-based platform to manage business processes
- Industry-leading partner RPA platform, customized for the insurance industry
- Insurance-specific processes for robotic solutions
- Starter kits for selected core systems, like CA, Duck Creek, etc.
- Insurance-specific SLA and benchmarking
- Team of RPA specialists and domain experts
Typical savings potential
- In-house processes – 36% to 46%
- Outsourced processes – additional 8% - 18%