5 Key Statistics On Robotics & Insurance Companies
Author: Zimlon www.zimlon.com (Provides research on insurance product and services)
According to a Gartner forecast, Robotic Process Automation (RPA) spending is expected to top $2.4 billion by 2022. RPA tools help insurance companies to streamline their processes and enhance their ability to increase the client base by improving customer service and reducing cycle times while reducing overhead. RPA essentially mimics human actions as they enter data from paper and other formats into IT systems. Back-office processes consume most insurance companies, preventing them from enhancing customer satisfaction and meeting financial targets. RPA can help reduce operational risk, improve customer experience, and even free up 20% to 30% capacity at an enterprise level. The World Insurance Report said that 80% of insurance executives surveyed are investing or planning to invest in RPA or AI in the next three years. Zimlon elucidates the key advantages of implementing RPA in the insurance sector.
Savings- In a case study done by Genpact, the client, an established insurance company, has Improved accuracy and helped cut FNOL handling time in half by speeding up the claims process. Based on these savings, the insurance company projects a 250% ROI in the first year.
Expedited Underwriting Process- RPA tools automate repeatable and predictable tasks such as data collection, a core part of the underwriting process, in seconds, freeing up nearly 30% of the capacity while delivering the work on time.
Reduced Errors In Data Entry - Manual data entry can have data inconsistencies and errors. By reducing human intervention, insurance companies can now increase their processing accuracy by up to 98%.
Scaling With Ease - Intelligent bots can scale up or down based on demand when there are a large number of claims or quotes to be processed. This improves consistency in service as well as operational efficiencies.
Accelerated Claims Process - In a typical claims processing scenario, receiving, validating, and approving a claim takes several days. RPA helps shorten lengthy claims processes by efficiently gathering data from various sources to be used at the centralized documents. State Auto has saved more than 60,000 labor hours per year by using RPA to process claims.