Robotic Process Automation (RPA)
In this age of technological change and disruptive advances, Insurance companies like many other are confronted with addressing the duality: growing and penetrating the market more successfully on one hand and reducing operating cost on the other. Better customer service, quicker turnaround times and innovative ways of optimizing and reducing costs of operations continue to be challenges for the industry.
Most organizations have attempted large business process transformation programs, only to be partially successful. Given the organization complexities, and irrespective of the number of IT applications that an insurer may transform, a lot of manual intervention is still required for servicing day to day activities right from quote generation, policy issuance, claims first notice to settlement.
Organizations are no longer willing to wait for the outcome of multiple transformation programs to see optimizations in existing procedures for operations and IT. Short term operational benefits are becoming key and today’s insurers want to reduce operating cost by automating manual repetitive activities.
Robotic Process Automation (RPA) offers a way to quickly innovate by evaluating different optimizations at an end user level. Quick improvements to eliminate common repetitive manual actions for end users improve user satisfaction and reduce frustration. The cumulative effect of multiple such improvements create a significant difference in customer experience and operations cost & quality.
VirtusaPolaris has recognized this urgent need and have been investing in building expertise, strong partnerships and technical finesse to enable insurers to accomplish these goals.
Our 'vWin' tool-agnostic Robotic Process Automation Methodology delivers measurable benefits in a matter of weeks in a non-disruptive way, working with operation managers, users and in-house IT. Our RPA Center of Excellence (CoE) framework enables insurers to embrace RPA tools, methodology, change and implementation including benefit realization tracking to ensure long term sustainable results.
In addition to applying RPA to improve insurers’ operations, VirtusaPolaris can also help with consultative improvements or platforming solutions that deliver perpetual efficiency gains in large multi-country global deployments by standardizing processes.
- 'vBrain' Enterprise Automation Framework enables insurers to manage operational tasks performed by humans as well as RPA robots. Using 'vBrain', Insurance operation managers can assign resources based on workload while ensuring regulatory compliance
- 'vWin' tool-agnostic RPA Methodology ensures quick results, while our RPA COE framework ensures long term success for the insurer
- Flexible models give insurers a choice of Zero-CAPEX, gain-sharing or conventional project implementations. Zero-CAPEX model makes it easy for insurers to pilot the RPA initiatives as there are no upfront investments related to software or hardware systems
Robotic Process Automatoin in Insurance can deliver unprecedented benefits for all stakeholders:
- Policy holders and distributors: Provides faster service, significantly reduces turnaround times, delivers better quality with near-defect processing and also removes time bound restrictions as robots can work beyond office hours- increases producitivity by over ~300%
- Operations Staff: Automates repetitive mechanical tasks to improve efficiency, simplifies complicated tasks running on multiple applications, significantly reduces 'work hours', enables staff to focus their efforts on more creative and strategic activities
- Insurers: Improves customer satisfaction and competitive edge, achieves exponential cost savings of upto ~80% by reducing efforts, frees up bandwidth for better product design, retention, new business, etc.