The Future of RPA in Life Insurance
The Insurer's Perspective
Robotic Process Automation (RPA) applications are pervasive across all industries and its application in the insurance industry is forecasted to continue to grow at a rapid pace over the next several years. Life insurers are addressing several areas in the data processing ecosystem with RPA, including underwriting and claims.
Celent surveyed numerous life insurers to see how advanced they are in the application of RPA. Most of those who responded not only use RPA today but plan on expanding their investments in 2021. Insurers are realizing a wide array of benefits from the application of RPA. These include improved ROI, increased data quality, faster claims processing, and enhanced customer experience, as well as the cost reductions and increased operational efficiency for which RPA is known. Throw artificial intelligence or machine learning into the equation with unstructured data and you can extend data processing automation to images, emails, and so on.