A Gartner report states RPA to be the fastest-growing market in enterprise software today. Since the past 10 years or so, the term “RPA” has become highly mainstream in enterprises. Robotic Process Automation is the technological capability that helps the streamlining of operations in organizations and reduces their prices. It allows enterprises to automate their hectic, everyday processes, thereby enabling users to enhance productivity through high value-adding tasks.
Recent trends indicate that the market for RPA, valued at $199.1 million in 2016, is on track to expand at a compound annual growth rate (CAGR) of 60.5 percent by 2024. According to the renowned P&S Market Research, the global Robotic Process Automation market will continue growing in large numbers.
What makes RPA a natural part of the Insurance industry, is the fact that it can automate the end-to-end process lifecycle by integrating new front-end technologies with back-office environments. From personal and commercial insurance line underwriting and onboarding to policyholder services and claims processing, RPA has already begun creating major changes in the way insurers operate, upgrading customer service and reducing cycle times while lowering the overhead.
But what about RPA in the insurance industry in particular? In this infographic about how RPA will affect insurance, we have defined what RPA is, how and why it is used, actual case studies of its impact on the insurance industry, the risks involved, and the process to scale process standardization in ensuring a successful RPA implementation.