Successful implementation of RPA in insurance sector increase productivity by 30%

Robotic process automation (RPA) technology is embraced by enterprises globally for varied sectors. The global robotic process automation market is growing in size with a CAGR of 24.9% between 2020 to 2027 and is expected to touch USD 6.10 billion by 2027.

The insurance industry is still exploring ways to leverage its capabilities to their full potential, those who have managed to make inroads are already experiencing extraordinary benefits. Considering that insurance is now an integral part of our lives, the benefits received from the adoption of RPA in insurance are innumerable. As a heavily regulated sector, insurance comes with a lot of documentation and standardized processes. Be it minimizing errors in claim processing or speeding up fraud detection processes, there’s a lot RPA can do to empower the insurance sector.

In its 21st CEO Survey, PwC iterates the importance of organizations becoming ‘bionic’ to enable humans and machines to work together to blend emotional and technological capabilities. It further repeats the role of RPA in making them bionic, citing it as the key to this transition.

Each product line in the insurance industry varies in its degree of standardization. Needless to say, the potential for automation differs too. Yet, experts unanimously agree on the incredible benefits of RPA in helping insurance companies save time and money across critical insurance processes.

According to Mckinsey, RPA promises a 30-200% return on investment in the first year.

Current insurers are now combining RPA with Artificial Intelligence (AI) to handle bigger workloads and analyze large volumes of data to convert them into actionable insights for better decision-making and business outcomes.

RPA in insurance use cases

As you move forward with your RPA strategy, here are a few examples of how it can help increase productivity and reducing costs.

RPA in insurance underwriting and pricing

According to Accenture, an underwriter typically spends more than 50% of the day on core processing. The market for technologies facilitating underwriting improvements has been growing continuously, and it comes as no surprise that RPA and AI are providing a huge impetus. RPA helps in ensuring accurate data checks to understand the insurance history of customers.

A significant part of underwriting involves determining the right price taking into consideration the risks involved. Insurers depend on RPA, AI, and analytics to get information from connected devices, sensors, and wearables. This data in real-time provides useful insights into customer-specific risks while providing an opportunity for insurers to offer personalized services and customized covers.

The services they offer also include alerts, rewards, and messages that help them transcend their roles from being risk insurers to risk mitigators. RPA can also assess loss runs and provide pricing options based on customers’ claims insurance history.

Global insurer Zurich used RPA to free up its commercial underwriters to devote their time to more complex policies while boilerplate policies get handled by smart software.

Sales and Marketing

RPA helps insurers address the ‘advice gap’ from online portals that offer price and feature comparisons. Customers can now chat with their virtual insurance manager, convey their needs, and get the right advice and recommendations. RPA also enables insurers to mine non-traditional data that comes from social media, allowing them to upsell and cross-sell based on individual activities. For instance, those planning to travel may want additional coverage if they are going to participate in activities such as paragliding or skiing.

RPA helps agents find the information they need without having to wait for a sales representative to assist them. It also helps companies manage their brand persona online while ensuring compliance with rules and regulations.

Customer Service

A survey by TechSee confirms 39% of participants admitted to having canceled their contracts due to poor customer service. But with the foray of RPA, back-end processes are now linked to front-end service so perfectly that chatbots now identify the customer even before a call is answered.

Customer-facing chatbots can help customers with everything they need right from providing policy status and payment details to sending automated policy renewals and pre-loss warnings. RPA also takes care of reporting and compliance requirements so that records are readily available for quick reviews, reconciliations, and compliance checks.

UK-based leading insurance carrier, Swinton implemented RPA technology to provide agents with assistance in handling new processes and to guide them through customer journeys. This shortened calls by over 50 seconds each on average and the contact center capacity was increased to handle an extra 7,781 calls per month.

Claims and Fraud Detection

TechSee points out how customers absolutely expect 3-second claim payouts and will not think twice before taking their business elsewhere if their expectations are not met. This is where RPA comes in. It offers the much-needed speed and accuracy required in a claims journey and self-service options to induce transparency into the process further.

Digital interfaces are convenient and preferred, too, as insurers introduce novel ways to settle claims. Apps are also being used to enable customers to assess damage to their car in case of accidents with their smartphone cameras’ help. The apps offer repair cost estimates based on thousands of images they have been trained on. RPA also helps in fraud detection and identification of suspicious claims with predictive analytics and machine learning.

Policy Management and Regulatory Compliance

While it may be expensive to have dedicated policy administration software, RPA comes as a simple, safe, and scalable alternative to manage diverse policy activities. These include accounting, settlements, risk capture, credit control, regulatory compliance, etc., that need to be accurate but come with a high risk of errors if done manually.

US insurer Lemonade set a world record in paying a claim within 3 seconds of receiving details. The customers can explain the situation via their phone camera and submit it without paperwork. The Lemonade claim bot then runs algorithms on the details to validate any fraud. Post that payouts are instant.

RPA has proved to be a game-changer for the insurance industry, especially during the pandemic when the entire world has been forced to go digital. As Cliff Justice, a Principal in KPMG’s Innovation and Enterprise Solutions team rightly points out, “At this point in time, it’s not a question of whether you should or should not adopt RPA. You risk remaining relevant if you don’t. The question should be: ‘What’s the best way for your firm to employ RPA and AI.”

Automate Your Business with Trigent

In an ever-evolving world of innovations, we help you tide over diverse business challenges with automation solutions like RPA. Our extensive experience in the insurance sector gives us an edge in helping you transform your business. We will help you attain operational excellence while ensuring a faster ROI, all with the power of RPA.

Allow us to assess your business environment and tell you why RPA is the perfect fit for your business. Call us today.

6 Most Popular RPA Use Cases in Manufacturing Industry post-COVID

The role of RPA in manufacturing post pandemic

As markets continue to grapple with challenges posed by the pandemic that shows no signs of receding, organizations are now pinning their hopes on technology with robotic process automation (RPA) that can take care of repetitive routine tasks. RPA ensures tasks that earlier required days and weeks can now be completed in a matter of just a few hours or minutes.

The benefits of RPA use cases in manufacturing industry include better productivity, efficiency, accuracy, less wastage, and greater focus. No wonder almost 80 percent of global corporate executives that participated in the Deloitte LLP survey1 last year agreed to have implemented some form of RPA in their organization while 15% said they planned to do so in the next 3 years.

Expected to grow at double-digit rates through 2024, the global RPA software revenue is predicted to touch $1.89 billion in 2021 indicating a whopping 19.5% surge from 2020.

The pandemic has fueled enterprise interest in RPA as Cathy Tornbohm2, distinguished research vice president at Gartner explains, “The decreased dependency on a human workforce for routine, digital processes will be more attractive to end-users not only for cost reduction benefits but also for ensuring their business against future impacts like this pandemic.”

RPA is making great strides in diverse sectors including manufacturing. Applied Materials Inc., a Santa Clara, California-based company, has begun using bots to automate different areas of financial accounting for increasing productivity and plans to have 255 bots to improve workplace processes.

Top 6 RPA use cases benefitting the manufacturing industry

1. Bill of Materials (BOM)

Employees rely on a lot of information when it comes to the development of new products and commodities. They need to have the exact details as to what to purchase and when, the vendors/dealers that need to be contacted for the purchase, and how to go about the purchase.

Surge Transportation leveraged our expertise to create a pricing engine that offers real-time pricing to stakeholders based on a predefined strategy. The strategy can be modified in the application custom-built for them. RPA facilitates the set up of automatic alerts for changes in the system, thus improving regulatory compliance and supply chain performance. This makes our client stand tall among the top 1% of competitors to have this capability.

Also Read: Automating pricing operations enables 3PL to grow revenue by 40%

2. Data Migration

IoT equipment is now an essential part of the manufacturing fabric. But the challenge comes from the fact that legacy systems are ill-equipped to share data with others within the manufacturing ecosystem. RPA comes to their rescue in achieving this complex and time-consuming feat since bots can work independently of APIs.

RPA integrates different applications by acting as an intermediary between the old systems and the new thus facilitating seamless data migration. What makes RPA so empowering is its ability to correct and fix inconsistencies along the way in real-time. Insurers have leveraged RPA to lower its onboarding costs by 91% even as it experienced a 600% improvement in processing time. In turn, this boosted its service quality and customer experience that was held back by backlogs previously.

3. Customer Care and Service Desk Support

Delayed response or long resolution times can harm the trust you have built with your customers. To be able to help them promptly in real-time, you need to swiftly navigate through multiple business systems which are often laborious. But things can change dramatically by automating customer service with RPA.

US banks have harnessed RPA to improve their average handling time at their customer service center by 30%. This resulted in a monthly savings of 8000 work hours, enabling employees to use the freed time on value-added services.

4. CRM and Sales Order Integration

While sales thrive on relationship building and communication, it is a known fact that sales order integration does not stop there. It involves a mix of activities like creating estimates, checking product availability, processing orders, managing logistics, etc. Not to mention the coordination between many departments these processes call for.

Also Read: How automation is improving order and inventory management in logistics

A restaurant group used RPA to automate sales reports resulting in a 65% decrease in daily time expended on generating reports from across over 40,000 locations. This helped them nurture customer relationships and increase sales revenue.

5. Regulatory Compliance

The safety protocols constantly evolve in the manufacturing domain. There are individual product regulations to look into along with a whole lot of compliance requirements to adhere to. RPA takes away the stress from regulatory compliance ensuring your manufacturing outfit is audit-ready with accurate data processing and detailed records.

All bot activities are constantly monitored and available for inspection through a central log. RPA enables quick and effortless process updates too so that you are always up-to-date when it comes to compliance regulations.

6. ERP Automation

Bots play a big role in invoice processing and inventory control both of which involve elaborate paperwork, identifying deficiencies, and fulfilling customer demand at the earliest. Due to its ability to enhance operational efficiencies, RPA gives manufacturers an edge to manage tasks like sending invoices, creating purchase orders, computing shipping costs, taxes, or discounts, and driving overall financial processes that would otherwise require a high level of human intervention.

There are a whole lot of reports that need to be created and sent out via email or to be uploaded in a shared folder. SKUs need to be updated regularly too and Accounts Payable and Receivable have to be accurately managed. RPA takes care of all the reporting and related administrative chores to help organizations manage their business requirements efficiently.

The role of RPA is undeniably critical in the present manufacturing landscape. As Fabrizio Biscotti, research vice president at Gartner points out, “The key driver for RPA projects is their ability to improve process quality, speed and productivity, each of which is increasingly important as organizations try to meet the demands of cost reduction during COVID-19.”

Discover the impact of RPA with Trigent

Our RPA services are built for speed and scale. They make you agile to adapt in a fast-changing manufacturing sector and enjoy extraordinary cost savings along the way. We can help you minimize production downtime, optimize processes, and enhance your operational capabilities.

Our highly experienced business process consultants are eager to talk to you to help you automate with RPA without needing you to navigate through robot complexities.

Call us today for a business consultation.

References

  1. https://www.wsj.com/articles/software-bots-multiply-to-cope-with-stretched-resources-11611615504?mod=djemCIO
  2. https://www.gartner.com/en/newsroom/press-releases/2020-09-21-gartner-says-worldwide-robotic-process-automation-software-revenue-to-reach-nearly-2-billion-in-2021#:~:text=RPA%20Market%20Forecast%20to%20Grow,latest%20forecast%20from%20Gartner%2C%20Inc.

Understanding the Scope of AIOps and Its Role in Hyperautomation

The rapid acceleration of digital transformation initiatives in the modern business landscape has brought emerging technologies such as artificial intelligence, machine learning, and automation to the fore. Integrating AI into IT operations or AIOps has empowered IT teams to perform complex tasks with ease and resolve agility issues in complex settings.

Gartner sees great potential in AIOps and forecasts the global AIOps market to touch
US$3127.44 million by 2025 at a CAGR of 43.7% during the period 2020 to 2025. From just US$ 510.12 million in 2019, it is expected to touch a whopping US$ 3127.44 million in 2025. It believes 50% of organizations will use AIOps with application performance monitoring to deliver business impact while providing precise and intelligent solutions to complex problems.

A global survey of CIOs iterates why AIOps is so critical for IT enterprises. The survey pointed out that despite investing in 10 different monitoring tools on average, IT teams had full observability into just 11% of the environments. Those who needed those tools didn’t have access to them. 74% of CIOs were reportedly using cloud-native technologies, including microservices, containers, and Kubernetes, and 61% said these environments changed every minute or less.

In comparison, 89% reported their digital transformation had accelerated in the past 12 months despite a rather difficult 2020.
70% felt manual tasks could be automated though only 19% of repeatable IT processes were automated, and 93% believed AI assistance is critical in helping teams cope with increasing workloads.

AIOps offers IT companies the operational capability and the business value crucial for a robust digital economy. But AIOps adoption must be consistent across processes as it would fail to serve its purpose if it merely highlights another area that is a bottleneck. AIOps capabilities must therefore be such that the processes are perfectly aligned and automated to meet business objectives.

Now that we understand how crucial AIOps is let’s dive deeper to understand its scope.

Artificial intelligence, machine learning, big data have all been spoken about in great length and form the very backbone of Artificial Intelligence for IT operations or AIOps. AIOps are multi-layered technology platforms that collate data from multiple tools and devices within the IT environment to spot and resolve real-time issues while providing historical analytics.

What is AIOps?

Artificial intelligence, machine learning, big data have all been spoken about extensively and form the very backbone of AIOps. AIOps comprises multi-layered technology platforms that collate data from multiple tools and devices within the IT environment to spot and resolve real-time issues while providing historical analytics.

It is easier to understand its importance if we realize the extremely high cost of downtime. As per an IDC study, an infrastructure failure’s average hourly cost is $100,000 per hour, while the average total cost of unplanned application downtime per year is $1.25 – 2 billion.

The trends and factors driving AIOps include:

  • Complex IT environments are exceeding human scale, and monitoring them manually is no longer feasible.
  • IoT devices, APIs, mobile applications, and digital users have increased, generating an exponentially large amount of data that is impossible to track manually.
  • Even a small, unresolved issue can impact user experience, which means infrastructure problems should be addressed immediately.
  • Control and budget have shifted from IT’s core to the edge as enterprises continue to adopt cloud infrastructure and third-party services.
  • Accountability for the IT ecosystem’s overall well-being still rests with core IT teams. They are expected to take on more responsibility as networks and architectures continue to get more complex.

Why AIOps?

With 45% of businesses already using AIOps for root cause analysis and potential forecasting problems, its role is evident in several use cases, as mentioned below.

Detection of anomalies and incidents – IT teams can leverage AIOps to see when anomalies, incidents, and events have been detected to follow up on them and resolve them. The thing with anomalies is that they can occur in any part of the technology stack and hence necessitate constant processing of a massive amount of IT data. AIOps leverages machine learning algorithms to detect actual triggers in almost real-time to prevent them. Full-stack visibility into applications and infrastructure helps isolate the root cause of issues, accelerate incident response, streamline operations, improve teams’ efficiency, and ensure customer service quality.

Security analysis – AI-powered algorithms can help identify data breaches and violations by analyzing various sources, including log files and network & event logs, and assess their links with external malicious IP and domain information to uncover negative behaviors inside the infrastructure. AIOps thus bridges the gap between IT operations and security operations, improving security, efficiency, and system uptime.

Resource consumption and planning – AIOps ensures that the system availability levels remain optimal by assessing the changes in usage and adapting the capacity accordingly. Through AI-powered recommendations, AIOps helps decrease workload and ensure proper resource planning. AIOps can be effectively leveraged to manage routine tasks like reconfigurations and recalibration for network and storage management. Predictive analytics can have a dynamic impact on available storage space, and capacity can be added as required based on disk utilization to prevent outages that arise due to capacity issues.

AIOps will drive the new normal.

With virtually everyone forced to work from home, data collected from different locations varies considerably. Thanks to AIOps, disparate data streams can be analyzed despite the high volumes.

AIOps has helped data centers and computer environments operate flawlessly despite the pandemic through unforeseen labor shortages. It allows data center administrators to mitigate operational skills, reduce system noise and incidents, provide actionable insights into the performance of services and related networks and infrastructure, get historical and real-time visibility into distributed system topologies, and execute guided or fully automated responses to resolve issues quickly.

As such, AIOps has been instrumental in helping enterprises improve efficiency and lighten workloads for remote workers. AIOps can reduce event volumes, predict outages in the future, and apply automation to reduce staff downtime and workload. As Travis Greene, director of strategy for IT operations with software company Micro Focus explains, “The end goal is to tie in service management aspects of what’s happening in the environment.”
AIOps and hyperautomation

A term coined by Gartner in 2019, hyper-automation is next-level automation that transcends individual process automation. IDC calls it digital process automation, while Forrester calls it digital process automation. As per Gartner’s Hyper-automation, organizations rapidly identify and automate as many business processes as possible. It involves using a combination of technology tools, including but not limited to machine learning, packaged software, and automation tools to deliver work’.

Irrespective of what it’s called, hyper-automation combines artificial intelligence (AI) tools and next-level technologies like robotic process automation (RPA) to automate complex and repetitive tasks rapidly and efficiently to augment human capabilities. Simply put, it automates automation and creates bots to enable it. It’s a convergence of multiple interoperable technologies such as AI, RPA, Advanced Analytics, Intelligent Business Management, etc.

Hyperautomation can dramatically boost the speed of digital transformation and seems like a natural progression for AIOps. It helps build digital resilience as ‘humans plus machines’ become the norm. It allows organizations to create their digital twin (DTO) or a digital replica of their physical assets and processes. DTO provides them real-time intelligence to help them visualize and understand how different processes, functions, and KPIs interact to create value and how these interactions can be leveraged to drive business opportunities and make informed decisions.

With sensors and devices monitoring these digital twins, enterprises tend to get more data that gives an accurate picture of their health and performance. Hyperautomation helps organizations track the exact ROI while attaining digital agility and flexibility at scale.

Those on a hyper-automation drive are keen on making collaborative IT operations a reality and regard AIOps as an important area of hyper-automation for breakthrough IT operations. When AIOps meets hyper-automation, businesses can rise above human limits and move with agility towards becoming completely autonomous digital enterprises. Concludes John-David Lovelock, distinguished research vice-president at Gartner, “Optimization initiatives, such as hyper-automation, will continue, and the focus of these projects will remain on returning cash and eliminating work from processes, not just tasks.”

It’s time you adopted AIOps too and deliver better business outcomes.

Accelerate AIOps solutions with Trigent

Trigent offers a range of capabilities to enterprises with diverse needs and complexities. As the key to managing multi-cloud, multi-geo, multi-vendor heterogeneous environments, AIOps need organizations to rethink their automation strategies. Our consulting team can look into your organizational maturity to know at what stage of AIOps adoption you are and ensure that AIOps initiatives are optimized to maximize your business value and opportunity.

Our solutions are intuitive and easy to use. Call us today for a business consultation. We would be happy to partner with you on your way to AIOps adoption.

Extract 40%+ efficiencies in Healthcare with Robotic Process Automation

The healthcare industry is facing the biggest challenges (and opportunities) in the prevailing situation. Traditional modes of delivery of care have been disrupted, coordinating patient care is driving the demand for sharing data across silos and technology is playing a vital role in enabling remote diagnostics, tracking treatment effectiveness, and monitoring patients while they recover at home. Conventional norms are being challenged. The changes however are accompanied by a different set of considerations that need to be addressed – Data privacy and Cybersecurity for instance. So how can all these be overcome?

Healthcare providers have to manage the massive amounts of patient data, triage the cases, optimize appointment scheduling and treatments and expedite billing & claims management. Apart from being HIPAA compliant, they also have to ensure error-free streamlining and execution of the tasks, which usually prove to be a gargantuan effort. However, these pain points can be overcome by automating the entire process.

Robotic Process Automation (RPA) in the Healthcare Industry

The convergence of robotic process automation (RPA) with the healthcare industry has helped providers accelerate their digital transformation journey. AI-powered RPA has helped the industry deliver efficient services across the value chain – from patient experience to claims management and revenue cycle management to analytics.

CAQH in its eighth annual report stated that automating healthcare administrative transactions has reduced annual costs by $122 billion, $16.3 billion more can be saved through further automation. Gaining traction in the healthcare industry, RPA has enabled automation of routine and repetitive tasks, thereby freeing healthcare professionals to focus more on the much-needed human element — patient care.

How RPA enhances healthcare service

Implementing robotic process automation can channel more resources and optimize healthcare tasks that are of prime importance.

Improved patient support

One of the most important tasks rendered by healthcare organizations is providing ideal care according to each patient’s unique needs. With RPA implementation, healthcare providers have witnessed significant improvement in triage and the resulting patient-facing operations.

Robotic process automation simplifies and streamlines the entire procedure, right from patient data collection to insurance claims. Bots can manage patient appointments as per location, test results, and doctor availability. They can also assist patients with upcoming appointment notifications, medical tests, prescription pick-ups, and discharge guidelines.

Error-free and reduced repetitive work

In RPA, bots replace human involvement in repetitive tasks like patient onboarding, data extraction/migration, appointment/treatment scheduling, and claim management among others. This means work is done in a considerably less amount of time with no errors.

Automating healthcare processes can help the providers reduce critical errors and achieve 100% accuracy rates while providing patient care. Data collected from the patient can be processed as per diagnosis and location, matched with the relevant doctor. In case of the doctor’s unavailability, a bot will automatically reschedule and inform the patient of the change, avoiding confusion and hassle.

Reduced operational costs

By embracing RPA, healthcare organizations can reduce operating costs significantly, while leveraging a cost-effective workforce. Increased automation enhances process efficiency, allowing staff to spend less time on tedious manual tasks.

Traditional methods involved manual data entry, scheduling, record maintenance, and claims management, each of which involved a considerable number of people. Since every task was done manually, there could be errors and rework could come with a cost. RPA implementation standardizes the entire lifecycle, eliminates rework and corrections.

Reduced Data Breaches

Ensuring privacy and security of sensitive patient data is one of the top concerns for healthcare organizations. Using RPA ensures that private information can only be accessed by the appropriate staff. This role-based access minimizes data breach or improper use of data.

RPA allows healthcare providers to control data access and ensure that only the relevant staff can access private information when required. This control is critical since doctors, IT staff, and the claims departments need varying levels of access to classified patient data.

HIPAA and other regulatory compliances

Robotic process automation helps maintain compliance by securing medical data and ensuring all processes are in line with HIPAA and other regulatory bodies. Custom reports and detailed audit logs can also be maintained.

Healthcare providers may use different applications to store and access patient data. Securing such a vast amount of information can be complicated and prove to be challenging. With RPA, HIPAA compliance becomes easier to manage. Audit controls can also be easily implemented using process automation. Detailed audit histories can be set up automatically and any time there’s an internal or external audit, auditors can easily access the data.

Automation is here to stay. RPA is flexible to automate any procedure and is basically to help clear the clutter, thereby streamlining the entire process. With RPA around, even searching for a needle in a haystack will seem effortless.

The Trigent Advantage

With change happening at a rapid pace, the healthcare industry is transitioning to automation to offer better outcomes to patients. Be it migrating from a legacy system, updating a current workflow, or even on advisory, Trigent is your go-to partner for all your technology requirements. Our RPA experts will take care of the entire cycle from adaption to managing, while your healthcare providers do what they do best-providing optimal patient care.