| | NOVEMBER 202119c. Insurance - Insurance sector is flooded with overflowing amounts of routine, repetitive and monotonous tasks leading to additional costs, decreased efficiency and low levels of customer satisfaction. RPA can truly be the technology that can significantly help the insurance sector become well organized, cost-effective and customer centric. RPA can eliminate the need for paper-based processes by automating claims processing through the integration of claims data from various sources, thereby improving the speed and accuracy of the entire process. RPA can be utilized to create a digital workforce that will enable customer service representatives to focus on resolving customer queries, providing product information and in addressing service requests more effectively and in real-time.Implementation of Robotic Process Automation in The Banking SectorAccording to PwC's annual global CEO survey, almost 81 percent of banking sector CEOs are concerned about the speed of technological change, more than any other industry sector. The banking sector is faced with perennial challenges to maximize efficiency, keep the costs down and maintain maximum security levels. Robotic Process Automation, as a solution to these exigencies, can really become a powerful and effective tool. The banking sector has been quick to realize this, as the sector has been a frontrunner in adoption of RPA. Banking organizations have started utilizing RPA on a massive scale for making time-consuming banking operations more organized and automated. The Banking and financial sector is the largest contributor of revenue for RPA product and service offering companies.Banks must tackle thousands of processes on a daily basis. RPA-based bots can take control of the repetitive processes performed by humans, spearheading digital transformation in the banking sector. Let's look at few use cases to understand how RPA can simplify the banking processes - · RPA can assist banks in better compliance & control. RPA bots can work 24x7 to scan through transactions to identify compliance gaps or regulatory breaches and quickly inform the relevant personnel, ensuring swift action. · RPA can help banks save time spent on validating the accuracy of customer information. RPA enables banks to automate the process of collecting, screening, and validating customer information, thereby achieving a seamless KYC process.· The use of RPA to process credit card applications can significantly reduce the turnaround time. RPA bots can scan through credit card applications, customer credit history and documents within a few hours and dictate customer eligibility based on predefined rules. · Labor intensive processes such as mortgage and loan processing, which otherwise cumbersome, can become straightforward, accurate and faster. RPA bots can follow set rules and clear potential bottlenecks, speeding up mortgage & loan processing.While opportunities to enhance the banking processes using RPA are endless, Robotic Process Automation has genuinely transformed the processes in banks, but only when implemented properly. This makes it crucial to have a partner who is well-versed and has proven experience in RPA tools & technology. Having a trusted partner in this journey has not only helped banks to derive essential benefits from RPA, but also ushered in a faster transition from RPA to other emerging technologies such as Intelligent Automation and beyond.Product Implementation StagesRPA becomes a key part of an organization's digitalization journey as well as a powerful process transformation technology, that significantly improves efficiency, increases productivity and reduces costs, as long as proper steps were taken to execute a discerning implementation strategy. The first decision that organizations need to make, pertains to the processes that are to be automated. Usually, organizations start with low-hanging fruits, i.e. processes that are completely standardized, involve repetitive tasks and require low manual intervention. After successfully automating these processes, organizations go for more complex ones.One of the reasons for increased adoption of RPA is due to the rapid pace of innovation in automation solutions brought to the market by various RPA software vendors. These automation solutions are capable of interacting with different systems, handling the given workflow to perform rule-based activities with logical start and end points. Based on the organization's requirements, digital maturity and technology landscape, appropriate platforms are selected for solution implementation; organizations should be very specific in choosing an appropriate tool based on their needs.The different stages of Automation solution implementation can be divided into four broad
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