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Don’t repeat history’s mistakes

Choose the right Robotic Process Automation (RPA) Platform

Whether in your personal or professional life, we have been taught to try to learn from our mistakes.  Before you can avoid making the same mistakes or repeating the same behaviors, you have to exam your life for any behaviors that you want to change.  Organizations too have tried to avoid repeating the same mistakes all over again by performing project and operational reviews to recognize what could have been done better.   Reflecting upon history can also help organizations learn the bigger picture, especially when it comes to technology decisions. 

Back in early 2000, Business Process Management (BPM) was the new shiny object in technology – its main purpose was to be a “gateway” to link systems together.  However, many tried to expand the use of the tool and tried to leverage BPM

to automate all processes, which quickly became unwieldy and unmanageable. Those that limited the use of BPM for interoperability were successful, while those that attempted to extend BPM beyond its intended use failed.  Many BPM projects were abandoned, scrapped, and became in a short period of time, shelfware (Definition: Software or Hardware that remains unsold, unused or underused).

Robotics Process Automation is a hot topic in the insurance industry amongst both IT and Business professionals alike.  Gartner certainly was accurate when back in early 2019 they pegged RPA as one the fastest growing enterprise software categories.

Cognizant shares their view on RPA in Insurance

What is RPA in insurance?

Robotic Process Automation (RPA) in insurance uses bots and Artificial Intelligence (AI) to help companies automate and, in some cases, eliminate repetitive tasks, as well as augment and extend human capabilities. RPA software bots can do much more than eliminate manual data entry. Bots can be configured and trained to handle a wide range of cognitive activities and to make decisions. For example, in the insurance industry, RPA is beginning to be used in underwriting, claims processing and analytics.

What are the business benefits of RPA in insurance?

Robotic process automation provides many business benefits in the insurance industry, including:

1. Cost reduction:

Using RPA in insurance eliminates or reduces many repetitive, manual tasks that add little value. By using software bots to dramatically reduce errors and the time required to complete these tasks, insurers can reduce costs and boost efficiency.

2. Reduced cycle time:

RPA in insurance can reduce cycle times, especially for challenging, lengthy processes like claim processing and policy underwriting. These processes require the gathering of large amounts of information from customers and are often plagued by missing information and slow turnaround times, especially if the process is paper-based. RPA speeds the gathering of information and centralizes data in a digital file that can be easily accessed. As such, significant cycle time reduction can be achieved through RPA in insurance.

3. New business opportunities:

Many insurance companies are already increasing their competitive advantage by deploying RPA applications that use artificial intelligence and machine learning to improve decision-making and identify new opportunities. Compared to humans, bots are able to analyze more data much faster. As a result, analytics can be used to uncover new opportunities or bottlenecks in business processes.

4. Easier compliance:

Insurance is a heavily regulated industry, and rules and requirements are continually changing. It is typically very challenging to keep employees trained and updated on the latest regulations and difficult to ensure they comply with them all. RPA in insurance makes this process easier by relying on bots, so providers can reduce the risk of fines and bad publicity from non-compliance.

 

Risk remains in the viability of RPA tools if not used as intended 

Many companies choose technology within a single platform, single vendor with the thought of reducing administrative burden on too many tools to integrate, however doing so can backfire and erroneously working to make components do what is wasn’t intended for. 

Sadly, with new technologies especially, care must be given in the selection as often vendors “over promise and under deliver”. With Robotic Process Automation (RPA) as an example, one thought is that “it can do anything”.   While RPA is quickly advancing its capabilities, RPA should be leveraged in areas where high transaction volumes exists, where the process is very structured and repeatable. Although expected in the future, Bots are not yet designed to do extensive cognitive thinking outside of the designed rules it has been taught. 

You would not use the back of a screwdriver to drive in a nail, it is not the right tool.  Same with RPA, it is not your accounting system, it is NOT your CRM, and it is NOT your document management or workflow system.   When considering RPA, you should evaluate vendors that offer an integrated platform where the RPA tools are layered on top of your content services platform which offers a greater ecosystem of capabilities. 

REQUORDIT can deliver upon an ecosystem that will best meet your needs and you can leverage our process automation experts with more than 20+ years experience to ensure that your RPA solution delivers real results enabling your organization to adopt the right offering that provides for a long term process automation solution.

Ruth Fisk

Ruth Fisk

has more than 30 years of experience working within the insurance industry and is a foremost expert on the practical application of content services platforms in insurance. In her role as Global Director Insurance at REQUORDIT, she has worked with more than 2,000 insurance organizations to successfully reduce operating expenses, increase efficiency, and positively impact their bottom lines.

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Solutions

discover 01

Insurance Solutions

Insurance is inundated with highly complex processes. REQUORDIT can help you maximize the potential of your team by helping automate many of the repetitive manual tasks across the insurance organization.

Webinar

webinar 01

Hyland Robotic Process Automation

Why is Hyland RPA technology so scalable and different? It allows to automate time-consuming manual tasks form data entry and beyond with Hyland’s RPA of choice. Watch the webinar and experience it through the demo!

Don’t repeat history’s mistakes

Choose the right Robotic Process Automation (RPA) Platform

Whether in your personal or professional life, we have been taught to try to learn from our mistakes.  Before you can avoid making the same mistakes or repeating the same behaviors, you have to exam your life for any behaviors that you want to change.  Organizations too have tried to avoid repeating the same mistakes all over again by performing project and operational reviews to recognize what could have been done better.   Reflecting upon history can also help organizations learn the bigger picture, especially when it comes to technology decisions. 

Back in early 2000, Business Process Management (BPM) was the new shiny object in technology – its main purpose was to be a “gateway” to link systems together.  However, many tried to expand the use of the tool and tried to leverage BPM

to automate all processes, which quickly became unwieldy and unmanageable. Those that limited the use of BPM for interoperability were successful, while those that attempted to extend BPM beyond its intended use failed.  Many BPM projects were abandoned, scrapped, and became in a short period of time, shelfware (Definition: Software or Hardware that remains unsold, unused or underused).

Robotics Process Automation is a hot topic in the insurance industry amongst both IT and Business professionals alike.  Gartner certainly was accurate when back in early 2019 they pegged RPA as one the fastest growing enterprise software categories.

Cognizant shares their view on RPA in Insurance

What is RPA in insurance?

Robotic Process Automation (RPA) in insurance uses bots and Artificial Intelligence (AI) to help companies automate and, in some cases, eliminate repetitive tasks, as well as augment and extend human capabilities. RPA software bots can do much more than eliminate manual data entry. Bots can be configured and trained to handle a wide range of cognitive activities and to make decisions. For example, in the insurance industry, RPA is beginning to be used in underwriting, claims processing and analytics.

What are the business benefits of RPA in insurance?

Robotic process automation provides many business benefits in the insurance industry, including:

1. Cost reduction:

Using RPA in insurance eliminates or reduces many repetitive, manual tasks that add little value. By using software bots to dramatically reduce errors and the time required to complete these tasks, insurers can reduce costs and boost efficiency.

2. Reduced cycle time:

RPA in insurance can reduce cycle times, especially for challenging, lengthy processes like claim processing and policy underwriting. These processes require the gathering of large amounts of information from customers and are often plagued by missing information and slow turnaround times, especially if the process is paper-based. RPA speeds the gathering of information and centralizes data in a digital file that can be easily accessed. As such, significant cycle time reduction can be achieved through RPA in insurance.

3. New business opportunities:

Many insurance companies are already increasing their competitive advantage by deploying RPA applications that use artificial intelligence and machine learning to improve decision-making and identify new opportunities. Compared to humans, bots are able to analyze more data much faster. As a result, analytics can be used to uncover new opportunities or bottlenecks in business processes.

4. Easier compliance:

Insurance is a heavily regulated industry, and rules and requirements are continually changing. It is typically very challenging to keep employees trained and updated on the latest regulations and difficult to ensure they comply with them all. RPA in insurance makes this process easier by relying on bots, so providers can reduce the risk of fines and bad publicity from non-compliance.

Risk remains in the viability of RPA tools if not used as intended 

Many companies choose technology within a single platform, single vendor with the thought of reducing administrative burden on too many tools to integrate, however doing so can backfire and erroneously working to make components do what is wasn’t intended for. 

Sadly, with new technologies especially, care must be given in the selection as often vendors “over promise and under deliver”. With Robotic Process Automation (RPA) as an example, one thought is that “it can do anything”.   While RPA is quickly advancing its capabilities, RPA should be leveraged in areas where high transaction volumes exists, where the process is very structured and repeatable. Although expected in the future, Bots are not yet designed to do extensive cognitive thinking outside of the designed rules it has been taught. 

You would not use the back of a screwdriver to drive in a nail, it is not the right tool.  Same with RPA, it is not your accounting system, it is NOT your CRM, and it is NOT your document management or workflow system.   When considering RPA, you should evaluate vendors that offer an integrated platform where the RPA tools are layered on top of your content services platform which offers a greater ecosystem of capabilities. 

REQUORDIT can deliver upon an ecosystem that will best meet your needs and you can leverage our process automation experts with more than 20+ years experience to ensure that your RPA solution delivers real results enabling your organization to adopt the right offering that provides for a long term process automation solution.

Ruth Fisk

Ruth Fisk

has more than 30 years of experience working within the insurance industry and is a foremost expert on the practical application of content services platforms in insurance. In her role as Global Director Insurance at REQUORDIT, she has worked with more than 2,000 insurance organizations to successfully reduce operating expenses, increase efficiency, and positively impact their bottom lines.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on whatsapp
WhatsApp

Solutions

discover 01

Insurance Solutions

Insurance is inundated with highly complex processes. REQUORDIT can help you maximize the potential of your team by helping automate many of the repetitive manual tasks across the insurance organization.

Webinar

webinar 01

Hyland Robotic Process Automation

Why is Hyland RPA technology so scalable and different? It allows to automate time-consuming manual tasks form data entry and beyond with Hyland’s RPA of choice. Watch the webinar and experience it through the demo!