Leveraging RPA to Address the Insurance Industry’s Talent Crisis

The US insurance industry is facing a talent crisis. Research suggests that:

• • •  The industry is hiring at record levels, but the most significant challenge companies currently face is securingnew talent, according to the 2018 Insurance Industry Employment and Hiring Outlook Survey.
    • Employee retention among millennials is a problem for the sector. They are estimated to remain in their jobs for just 12-18 months on average.

A new approach to talent acquisition and retention strategies is a must for insurance companies to remain competitive.

Robotic Process Automation, or RPA, is an ideal solution to some of the unique challenges that the industry is facing today. Software bots can be trained to perform the same tasks as employees, thus freeing them from burdensome manual work.

 

RPA is ideally suited for insurance companies, as many business processes are repetitive, rule-based, and document-heavy.

 

Employees who are part of one of the central processes in the insurance industry, such as underwriting, claims registration and processing, or policy issuance and renewals, know how much information from many different sources is involved.

 

Back-office processes are the core of every insurance company, and these processes are increasingly flooded, slow and inefficient. These are the ideal conditions for the profitable use of RPA. RPA can also help insurance companies comply with regulations properly, as each bot’s task is monitored and recorded at all times.

 

Top RPA Insurance Use Cases

 

Claims Processing

RPA in Insurance makes it possible to integrate and automate the manually intensive processes like extraction of data, complex error tracking, claim verification, integration of claim-relevant data sources

Underwriting

RPA automates the process of data collection from various external and internal sites, thus considerably reducing the time taken for underwriting.

 

Finance and Accounts

RPA systems can perform clicks, keystrokes, pressing buttons, template auto-fill, copy-pasting information, field entries, and more, thereby automating a significant portion of daily bank reconciliations and minimizing transactional expenses

 

Regulatory Compliance

Automation is instrumental in helping companies improve regulatory processes as it essentially replaces the need to devote significant staffing to go through operations to enforce regulatory compliance manually.

 

About SALIX Data

 

For over 20 years, SALIX Data has provided more than 2,500 customers with ways to streamline their business through technology and outsourcing solutions.  

 

SALIX’s expertise in Robotic Process Automation (RPA) allows organizations to automate repetitive, mundane tasks with intelligent software that simulates human behavior enabling business users to devote more time to serving customers or other higher-value work. 

 

At SALIX, we have solutions that fit every sized organization that will reduce costs and improves quality. 

 

Talk to us today to learn how we can help you maximize your RPA investment by identifying the best time to introduce RPA into your business. Let SALIX enable your best people to do what they are best at more often.