Anyone who’s worked in insurance will be familiar with the range and complexity of processes their work entails. I’ve spent a lot of time in these environments and without exception have found them to be filled with hard-working individuals who do a great job, despite not always having the best tools. Thus RPA has become a popular term in the insurance industry.
This article by Aite Group raises some interesting points regarding the financial transformation of insurance institutions.
The insurers I’ve spoken to recently, are looking for more than the regular processes. It seems that they have already RPA’d the low-hanging fruit – i.e. those processes that are highly repeatable and where the documents, data and applications are well governed.
The problem is that many of these things are coming from third parties (underwriters, brokers, etc.), hence RPA is too fragile to deal with constant change. For these processes, I believe you need to embrace the concept of ‘Exploratory Process Management’. This is where you use desktop integration platforms to weave data and UI together to simplify the user experience. Then you reduce handling time, reduce error rates and keep the human in control to deal with the change.
Read more on how to know whether RPA fits your process.
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