Anyone in insurance knows how time consuming claims processing, pricing and admin tasks can be. Not only do they take up valuable time but they are repetitive and a road block for more strategic and high level priorities, such as, account management/relationship building with your clients
A similar story faced by insurers is how to increase growth, reduce cost and optimize business processes.
In a report by Accenture, they state that … “In areas like these, successful [RPA] programmes can free up between 20 and 30 percent of capacity at an enterprise level whilst also minimising operational risk and improving the customer experience...For insurers across personal and commercial lines, RPA pilots have demonstrated material benefits, including a 40-80 percent reduction in processing times, along with improvements in quality rates, auditability and operational risk management.”
The services provided by RPA perfectly enable insurers to achieve long-term growth through reduced processing times, which in turn allows them to spend more time on strategic tasks, including, superior customer relationship management.
Scalability is also a key benefit from RPA. Your business can increase or decrease the amount of robots to meet the demands of the business.
The financial services industry is notorious for managing a high volume of transactions and data, and using legacy systems that do not provide the reliability that is needed. Due to needing to comply with ever changing regulations; auditability, security, and accuracy are crucial. RPA is transforming the way financial services companies are able to meet these demands and drive successful business outcomes.
RPA allows streamline transaction-laden activities including transfers and deposits, account reconciliation, audit support, fraud detection, credit card processing, client onboarding, and mortgage approval. By automating these various tasks, RPA provides the speed and efficiency necessary to meet growing customer demands and adapt to new compliance rules.
The legal industry is highly dependent on record keeping and documentation, of which surprisingly can still done via paper. This means that files must be organized, searched, and analysed; manually. As we know, manual labour is very time consuming and RPA has the potential to make a significant transformation within the legal industry.
The robots can process paperwork and digitally transform client data. The robots can then be used to locate absent client data; a process that would be much more labour intensive, if done manually.
Generally speaking the hospitality industry and RPA, aren’t seen in the same sentence. However, as times evolve, the hospitality industry is now adapting, its use of RPA.
Within the hospitality sector, RPA can better integrate systems and easily be applied to front office functions, such as, reservations, check-in/out and room service, but also in a variety of other operations. A few other examples include procurement, accounting and other admin related tasks.
The adoption of RPA is increasing rapidly, as it provides businesses with the ability to handle more tasks in an increasingly time-efficient and productive manner, guaranteeing long-term success and opportunities for growth.
While we have only scraped the surface in talking about four industries which could benefit in RPA. It is clear that regardless of the industry, RPA can provide countless efficiencies, even to SMBs – but that’s another blog post all together!