RPA TO ENHANCE RISK AND
INSURANCE MANAGEMENT
Global consultancy McKinsey believes over 40
processes of processes in financial services could
become automated; insurance is no exception. RPA
is a technology that has the potential to be
implemented within any corporate or public entity
that employs an in-house insurance team: whether
a hotel chain, a global manufacturer, or a
department of education.
For example, the processing of insurance
certificates is a vital yet time-consuming part of
the insurance process. A bot can be programmed
to process insurance certificates or information for
renewals and submissions. This can help reduce
manual error and standardize the workflow.
The bots can be used to gather and enter
information into websites, email systems, word-
processing applications, PDF readers,
spreadsheets, and specialized legacy systems
such as policy systems.
Jarrod Albert, Senior Manager, Automation and
Integration, at Ventiv Technology describes RPA as
a "unifying, efficient technology" that works
alongside the human workforce. "It is like an
unmanned machine," Albert notes, "mimicking a
human worker, always ready to perform a
designated task when the time is right."
Processing insurance certificates
is often a labor-intensive, repetitive
process. Bots can perform the tasks
that it takes a team of 10
to do manually.
Peter Yang
Chief Information Officer
Ventiv Technology
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