Automate the Mundane

Robotic Process Automation (RPA) enables insurers to automate manual tasks that slow your operations and productivity.

» Software robots and intelligent business rules mimic human actions

» No more copying and pasting and switching between applications and other data sources to find and process information

» The first step towards more advanced cognitive automation solutions

50% of North American and European organizations stated that automation will significantly improve their processes over the next 3-5 years.4

» RPA allows companies to save 50-70% on labor5

» A software robot costs as little as one-third the price of an offshore full-time employee (FTE) and one-fifth the price of an on-shore FTE6

HOW MUCH CAN YOU SAVE?

Spinning Out of Control

MANUAL TASKSwith

5 Ways Insurers Can Stop the Swiveling with Robotic Process Automation

» Costly » Slow » Error-prone » Difficult to audit

MANUAL TASKS ARE:

1,2The Persistence of Manual Processes, Clearwater, 20153,4The Robot and I: How New Digital Technologies Are Making Smart People and Businesses Smarter by Automating Rote Work, Cognizant, 20155Robotics Process Automation: Ushering Innovation, Cost Savings, Xchanging, 2014 6Institute for Robotic Process Automation, 2016 7,8A Holistic Approach to Insurance Automation, Accenture, 20169Robotic Process Automation: The Future of Technology in Financial Services, Accenture, 2015 10A Holistic Approach to Insurance Automation, Accenture, 201611The Business Leader’s Guide to Robotic and Intelligent Automation, Deloitte, 2015

SOURCES

See Robots in Action

75% faster

FINANCE AND INSURANCEprov ider ad jud ica tes c la ims

Three Reasons to

STOP THE SWIVELING

» Nearly half of U.S. insurers still rely on manual processes1

» The top or #1 efficiency challenge of CFOs is manual processes2

» 22% of an employee’s time is spent on repetitive tasks3

Swiveling between

applications to copy and

paste data

Reconciling and validating information

Gathering data from multiple applications and sources like websites and portals

Despite advances in technology, insurers still rely on manual tasks for processing claims, underwriting applications and other core business processes

Customer demand

Competitive pressure

Market maturation

1 2 3

Business Process Analytics“The tasks performed by a software robot can be monitored and recorded at every step, producing valuable data and an audit trail that can support further process improvement and also help with regulatory compliance.”11

“Insurers are finding that it (RPA) can have a major impact in back-office functions such as applications handling, claims processing and data entry.”10

Policy Benefits/Claims

Product Design/ActuaryRealize improvements in auditability and operational risk management7

Policy Maintenance and AccountingAchieve 80%-90% reduction in time to perform a task9

New Business/UnderwritingFree up 20-30% of your capacity8

Download an informative eBook: Stop Your Swiveling: Robotic Process Automation for Property & Casualty and Life Insurers

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5 Ways to Optimize with RPA