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How RPA will revolutionize the IT processes

Robotic Process Automation(RPA) is a software that is designed to mimic the human back-office activities, especially for the repetitive and dreary tasks. RPA can perform these tasks at a higher pace effortlessly and effectively saving a lot of time, that can be used to perform other activities that need human strength like emotional intelligence, reasoning and customer interactions. The primary goal of RPA implementation is to streamline the tedious tasks of enterprises and automate as many processes as possible while leveraging the benefits of AI and machine learning tools.

Companies are adopting RPA to reduce the staffing costs and mitigate chances of human errors. The scope of RPA and the extent to which it can be customized is pretty extensive. It can be programmed to perform simplest of the tasks like sending an automated email to performing complex business processes.

Here are the few ways in RPA is revolutionizing IT processes:

1. Adoption in all the realms of organization:

Organizations are adopting RPA not just for internal processes but also for external and customer-oriented processes. For example, the auto-response feature for the incoming emails is one field where RPA implementation can offer excellent productivity output. Several companies have already implemented RPA, and it has proven its potential, encouraging other firms also to embrace process automation.

2. Integration with other tools:

RPA implementation is a rich area for innovation and companies has already realized that they can reap more significant benefits from RPA when integrated with other technologies. In the next few years, one can expect that RPA together with cognitive automation will be capable of performing more complex tasks that are possible only by humans today. The term RPA might be replaced by SPA (smart rule automation) which lays the foundation of smarter business processes or intelligent automation process.

3. Artificial intelligence:

The basic RPA implementation by companies involves automation based on pre-defined conditions. The future version, i.e. RPA 2.0 will be integrating the concepts of AI and other machine learning tools making RPA much more than just a rule-based automation technology. To what extent it will get revolutionized will solely depend on the needs of individual organizations but the impact of RPA on the business processes is expected to be huge.

4. Capabilities of Bots:

Bots are capable of using the operating system just like humans. They can be programmed to open an email and send a response or log into an application or create files and folders. They can further be made to do data processing and perform functions like making calculations, following if-else conditions, extracting data from documents, scraping data from the web and a lot other things.

Types of RPA:

    Attended Automation:  They are deployed at places where automation is possible but with human intervention. The assigned user will launch the bot to perform several functions automatically based on some pre-defined conditions.  In case of an anomaly, the bot may ask the user for assistance.

    Unattended automation: They work in the background and are best for back-office employees. Most of these bots are triggered when new data is entered into the system and needs data processing for marketing and regulatory needs.

    Hybrid:  Both the attended and unattended automation are combined for the front as well as back office operations. It helps to attain end-to-end automation of processes.

The hula-boo around RPA is not meaningless and is of utmost importance for all the enterprises. Where big firms are already preparing for the next level of automation other companies are also not hesitating to take the plunge into the RPA pool.  In the next decade, RPA will not just be a fancy term but will become the conventional need of the businesses.

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Retention playbook for Insurance firms in the backdrop of financial crises

4 minutes read

Belonging to one of the oldest industries in the world, Insurance companies have weathered multiple calamities over the years and have proven themselves to be resilient entities that can truly stand the test of time. Today, however, the industry faces some of its toughest trials yet. Technology has fundamentally changed what it means to be an insurer and the cumulative effects of the pandemic coupled with a weak global economic output have impacted the industry in ways both good and bad.

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Source: Deloitte Services LP Economic Analysis

For instance, the U.S market recorded a sharp dip in GDP in the wake of the pandemic and it was expected that the economy would bounce back bringing with it a resurgent demand for all products (including insurance) across the board. It must be noted that the outlook toward insurance products changed as a result of the pandemic. Life insurance products were no longer an afterthought, although profitability in this segment declined over the years. Property-and-Casualty (P&C) insurance, especially motor insurance, continued to be a strong driver, while health insurance proved to be the fastest-growing segment with robust demand from different geographies

Simultaneously, the insurance industry finds itself on the cusp of an industry-wide shift as technology is starting to play a greater role in core operations. In particular, technologies such as AI, AR, and VR are being deployed extensively to retain customers amidst this technological and economic upheaval.

Double down on digital

For insurance firms, IT budgets were almost exclusively dedicated to maintaining legacy systems, but with the rise of InsurTech, it is imperative that firms start dedicating more of their budgets towards developing advanced capabilities such as predictive analytics, AI-driven offerings, etc. Insurance has long been an industry that makes extensive use of complex statistical and mathematical models to guide pricing and product development strategies. By incorporating the latest technological advances with the rich data they have accumulated over the years, insurance firms are poised to emerge stronger and more competitive than ever.

Using AI to curate a bespoke customer experience

Insurance has always been a low-margin affair and success in the business is primarily a function of selling the right products to the right people and reducing churn as much as possible. This is particularly important as customer retention is normally conceived as an afterthought in most industries, as evidenced in the following chart.

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        Source: econconusltancy.com

AI-powered tools (even with narrow capabilities) can do wonders for the insurance industry at large. When architected in the right manner, they can be used to automate a bulk of the standardized and automated processes that insurance companies have. AI can be used to automate and accelerate claims, assess homeowner policies via drones, and facilitate richer customer experiences through sophisticated chatbots. Such advances have a domino effect of increasing CSAT scores, boosting retention rates, reducing CACs, and ultimately improving profitability by as much as 95%.

Crafting immersive products through AR/VR

Customer retention is largely a function of how good a product is, and how effective it is in solving the customers’ pain points. In the face of increasing commodification, insurance companies that go the extra mile to make the buying process more immersive and engaging can gain a definite edge over competitors.

Globally, companies are flocking to implement AR/VR into their customer engagement strategies as it allows them to better several aspects of the customer journey in one fell swoop. Relationship building, product visualization, and highly personalized products are some of the benefits that AR/VR confers to its wielders.  

By honoring the customer sentiments of today and applying a slick AR/VR-powered veneer over its existing product layer, insurance companies can cater to a younger audience (Gen Z) by educating them about insurance products and tailoring digital delivery experiences. This could pay off in the long run by building a large customer base that could be retained and served for a much longer period.

The way forward

The Insurance industry is undergoing a shift of tectonic proportions as an older generation makes way for a new and younger one that has little to no perceptions about the industry. By investing in next-generation technologies such as AR/VR, firms can build new products to capture this new market and catapult themselves to leadership positions simply by way of keeping up with the times.

We have already seen how AR is a potential game-changer for the insurance industry. It is only a matter of time before it becomes commonplace.

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