Businesses across a variety of industries are embracing intelligent automation tools to remove manual business processes and streamline functions.
Technology like Robotic Process Automation (RPA) can perform routine and mundane tasks more quickly, more inexpensively and more accurately than human counterparts.
For insurers, RPA has the potential to simplify many back-office processes, including claims management, credentialing and invoicing. Claims administration and credentialing are very specialized functions. Unfortunately, cumbersome manual processes can have a negative downstream effect on claims processing. So there is intense pressure on internal resources to resolve credentialing issues and ensure that claims are processed as quickly as possible.
In face, just last month Everest Group reported that key drivers for RPA adoption in P&C Insurance center around operational optimization and cost reduction, both listed as +4 on a scale of 1 to 5, with 1 being low and 5 being high.
RPA has been “the latest thing” for years now. You would think that insurance companies would have rolled out RPA programs to help reduce paperwork, rekeying of information and to drive the operational optimization and cost reductions they are looking for.
However, the reality is a lot of companies are still working hard on Proof of Concepts (POCs), with 50% of survey respondents running pilots and another 7% still considering RPA adoption. However, once proven successful, it can only be assumed that RPA adoption will accelerate.
By leveraging RPA, insurance companies can achieve quicker and more accurate claims approvals that ensure a better end-customer experience. From a business perspective, whenever an insurance company can speed up processes and productivity, it reduces their TCO of their claims processing center. In addition, it helps to improve the overall Revenue Cycle Management process.
RPA supports quality and compliance; by removing cutting and pasting between systems, the potential for human intervention and error is eliminated. As the robots are programmed to perform the task the same way every time, they also generate a detailed audit history at the keystroke level.
About Our RPA Solution
Here at Sutherland, our RPA Center of Excellence (COE) features a deep bench of RPA consultants and experts. This team has strong project and program management experience; we understand RPA technology inside and out.
We also work in partnership with our vertical and horizontal experts, whether for healthcare, insurance, travel and many more. Not only do we bring a nuanced understanding of the industry landscape, but keen insights into the F&A processes within that industry. This background enables us to raise the level of the conversation and address a client’s unique challenges.
If you are looking for a trusted advisor, one that has extensive experience in new service delivery automation technologies, and understands how and where to apply them, contact our F&A and RPA experts for an assessment.