How Indian Enterprises Are Harnessing The Power Of RPA

In India, organisations have been quick to realise the huge opportunity in RPA by automating repetitive transactional processes

RPA is today at a stage where the cloud was a decade back. The adoption of RPA is now fast gathering momentum with companies in the BFSI sector leading the charge. Research firm, Gartner predicts that by the end of 2022, 85 per cent of large and very large organisations will have deployed some form of RPA.

In India, organisations have been quick to realise the huge opportunity in RPA by automating repetitive transactional processes. Take the case of a bank, which uses RPA to do eyeballing credit applications. Similarly, another bank has used RPA for automation of payment processes where more than five lakh transactions are automated on a monthly basis. At a insurance company, RPA has been used to automate quote issuance, policy issuance and claims processing. This has resulted in an increase in operational productivity and an improvement in turnaround time for policy issuance.

With automation as the goal, RPA is now being used to solve some unique issues. For example, a telecom company uses RPA to set algorithms that identifies exceptional situations. For instance, in case of a power failure, the firm has created an algorithm which identifies the nearest technician using geo-locations and dispatches the work automatically.

This ensures that the site gets restored in the minimum time possible. At a IT service management company, RPA is being used to automate and complete the accounting process across the company's legal entities spanning across countries where the firm has a significant footprint. Automating intercompany transfer, invoicing and collections by deploying a bot to complete all accounting tasks, has helped its finance and accounting team in saving time and effort, and at the same time, record 100 per cent compliance.

At a pharmaceutical company, RPA is being used for the posting of bulk GST invoices. A bank uses RPA for its transaction dispute follow up process. Besides standardisation of the process and elimination of human dependencies and errors, RPA has been able to save close to 700 hours of efforts per day across processes. An online pharmaceutical firms uses RPA for onboarding of suppliers and interacting with their systems.

As user confidence in RPA systems has grown, firms have scaled up the deployment of RPA to multiple processes. A bank, which started from deploying RPA for 200 business processes in 2016, is now running 1350 business processes on RPA, which is currently being used in processes such as customer on-boarding, transaction processing, post transaction servicing, reconciliation, and loan processing. Similarly, a life insurance company which started out with 8 bots in 2016 is now using running 154 bots across 24 functions. From simple tasks, bots have now progressed to handle complex queries. In the case of the life insurance company, 40 per cent of the bots handle complex tasks.

In the future, one can expect more use cases of RPA combined with AI and analytics. As business confidence grows, we can see business processes being re-imagined and re-engineered to create a significant shift and improvement in customer experience and business outcomes.

About us:

TMA Solutions was established in 1997 to provide quality software outsourcing services to leading companies worldwide. We are one of the largest software outsourcing companies in Vietnam with 2,400 engineers. Our engineering team was selected from a large pool of Vietnam IT resources; they are well-trained and have successfully completed many large and complex projects. Visit us at: https://www.tmasolutions.com/

Read More

The rise and rise of robotic process automation

RPA software is now the fastest-growing segment of the global enterprise software market, reports Gartner

Robots do not require breaks, do not get tired, do not get distracted and work around the clock, thus a robot can significantly increase the amount of processed data, which can be good or bad, depending on the quality of that data.

Gartner says robotic process automation (RPA) software revenue grew 63.1% in 2018 to $846 million (€744 million), making it the fastest-growing segment of the global enterprise software market.

The analyst firm says it expects RPA software revenue to reach $1.3 billion (€1.14 billion) in 2019.

“The RPA market has grown since our last forecast, driven by digital business demands as organisations look for ‘straight-through’ processing,” says Fabrizio Biscotti, research vice president at Gartner. “Competition is intense, with nine of the top 10 vendors changing market share position in 2018.”

The top-five RPA vendors controlled 47% of the market in 2018. The vendors ranked sixth and seventh achieved triple-digit revenue growth. “This makes the top-five ranking appear largely unsettled,” says Biscotti.

North America continues to dominate the RPA software market, with a 51% share in 2018, but its share dropped by 2 percentage points year over year.

Western Europe held the number two position, with a 23% share. Japan came third, with adoption growth of 124% in 2018.

“This shows that RPA software is appealing to organisations across the world, due to its quicker deployment cycle times, compared with other options such as business process management platforms and business process outsourcing,” says Biscotti.

DX programmes boost RPA adoption

Although RPA software can be found in all industries, the biggest adopters are banks, insurance companies, telcos and utility companies. These organisations traditionally have many legacy systems and choose RPA solutions to ensure integration functionality.

“The ability to integrate legacy systems is the key driver for RPA projects. By using this technology, organisations can quickly accelerate their digital transformation initiatives, while unlocking the value associated with past technology investments,” says Biscotti.

Gartner expects the RPA software market to look very different three years from now. Large software companies are partnering with or acquiring RPA software providers, which means they are increasing the awareness and traction of RPA software in their sizable customer bases.

At the same time, new vendors are seizing the opportunity to adapt traditional RPA capabilities for digital business demands, such as event stream processing and real-time analytics.

“This is an exciting time for RPA vendors,” says Biscotti. “However, the current top players will face increasing competition, as new entrants will continue to enter a market whose fast evolution is blurring the lines distinguishing RPA from other automation technologies, such as optical character recognition and artificial intelligence.”

Best practices

RPA emulates human activity — keyboard and mouse input — in addition to purely programmatic operations, explains Gartner.

This allows RPA to automate systems and operations that have always required humans and, when done well, automate with greater efficiency, availability and accuracy, writes Gartner analyst Gregory Murray in a report on best practices for RPA success.

“Because robots don’t require breaks, don’t get tired, don’t get distracted and work around the clock, a robot can significantly increase the amount of processed data, which can be good or bad, depending on the quality of that data,” he writes.

“Where data quality is good, there is potential for RPA to maintain that level of data quality.

“By eliminating transposition or mechanical errors, RPA helps ensure that data input by the robot doesn’t introduce errors and preserves upstream data cleansing. RPA script developers create automation scripts either through a recorder or through a simplified, low-code development interface. The developers will define triggers for these scripts that will invoke the automations through a variety of system or datacentre events.”

Murray notes that a governance framework for selecting and validating RPA use cases, often managed by a centre of excellence, is a critical part of any enterprise RPA rollout.

“Establish a governing body to provide the guidance necessary to ensure that RPA is used only when it is the right tool and that RPA applications comply with all corporate and regulatory requirements,” he further advises.

About us:

TMA Solutions was established in 1997 to provide quality software outsourcing services to leading companies worldwide. We are one of the largest software outsourcing companies in Vietnam with 2,400 engineers. Our engineering team was selected from a large pool of Vietnam IT resources; they are well-trained and have successfully completed many large and complex projects. Visit us at: https://www.tmasolutions.com/

Read More

5 Scenarios in Healthcare Industry simplified by RPA

The inducement of Robotic Process Automation (RPA) in the healthcare sector has given hope to manage and create feasible solutions for several concerns competing with the treatment of a patient by eating up the time of healthcare professionals. Some of the several use cases of RPA are:

1. Simplifying Patient Appointment Scheduling: 

Healthcare institutions need to collect data such as personal information, prognosis, and insurance details for the registration process and scheduling the appointments. These tasks are tedious as the patient appointments need to be aligned with the doctors. With RPA, the automation of patient data collection and optimization of patients appointment scheduling can be carried out with maximum efficiency. The coordination among the patients, management representative, and the doctor is in sync with RPA implementation.

2. Speeding up Account Settlements: 

RPA bots can calculate the bill accurately while considering expenses involved and can notify the patients their bill details. Whit the introduction of RPA, reduction of payment delays and inaccuracies in the billing can be cut-down and effortlessly speed up the healthcare cycle.

3. Streamlining Claims Management: 

The claims management involves insurance handling processes like data input, evaluation, processing, and dealing with appeals. The delays and outdated insurance claims can stunt the cash flow. With the addition of compliance with regulatory norms, the insurance can be rejected or fined as well. This process can be streamlined by implementing RPA to carry out error-free, fast processing of insurance claims and simultaneously recognized the compliance-related expections and avoid non-compliance of regulations, thereby simplifying the sophisticated methodologies of claims management.

4. Implementing Discharge Instructions: 

The bots powered by RPA carries out meticulously the discharge of patients complying to guidelines and delivering precise instructions regarding prescriptions, reports and pick-ups. It notifies the patients about the upcoming appointments and tests. The improvement of the Hospital Consumer Assessment of Healthcare Providers and Systems scores is noticed with the adoption of RPA.

5. Recording Audit Procedures: 

The Audit reports depict the quality of service and patient management. It is optimized by RPA which formulates the report, keeping in check all the sensitive information and amending to the guidelines. The non-compliance in healthcare workflows in reports cam be traced, and key performances can be noted. The loose screw in this process is that data utilized for the preparation of reports should be structured data. But, with augmentation of intelligent process automation (IPA) and machine learning, this setback can be fixed. 

About us:

TMA Solutions was established in 1997 to provide quality software outsourcing services to leading companies worldwide. We are one of the largest software outsourcing companies in Vietnam with 2,400 engineers. Our engineering team was selected from a large pool of Vietnam IT resources; they are well-trained and have successfully completed many large and complex projects. Visit us at: https://www.tmasolutions.com/

Read More

Competitiveness in government system created by RPA

To appreciate the importance of RPA, when integrated with an overall ecosystem, stakeholders should first grasp the basic functioning of RPA. This can be explained as follows:

The RPA system makes use of complex nonlinear processes but it should be remembered that automating processes which are too unpredictable, infrequent or overly variable can lead to an increase in cost and result in complexities. This can have an impact on the cost of associated robot algorithms and it can also have an effect an eventual deployment of systems. In many cases human intervention might still be required however a number of products does not provide semi-automated or assisted processes.

There are sometimes errors because some RPA’s is known to automatically execute those instructions which are located within business objects or scripts. It has been observed that errors can be repeated thousands of times before such problems are noticed. There is also the issue of hidden cost because it is known that some RPA solutions might require additional resources such as virtual machines or virtual desktop infrastructures. This will have an impact on the operating system or the virtualization cost which will apply to each separate bot. It has also been seen that expansion can often cost substantially more than was indicated by initial calculations.

Implementation in industries 

RPA can have an impact on several segments of the industry such as IT tasks, customer management, transportation and financial services such as accounting and insurance. As far as IT services are concerned RPA will assist with the auto-creation of backups, the sending of exception reports and it will monitor network devices. When it comes to customer management RPA is an excellent routing tool and it will help with the handling of vendor disputes and inquiries and it will automate vendor submissions. RPA will collect customer data from available systems. RPA can also effectively check systems for new delivery offers as well as new price offers and you can also send alerts to customers. In the transportation sector, RPA can update asset locations. It will also be able to update the external and internal transportation management systems. RPA will also track updates on all shipments and will ensure that auto scheduling of shipments is done. As far as financial services relating to accounting and insurance is concerned RPA will monitor compliance reports. It will also help to effectively streamline basic data entry. RPA will update business and customer information and it will also check all order entry data. RPA will be able to automate all auditing of expense accounts and it is able to reverse charges and it will also resubmit failed payment request. RPA can also successfully order replacements for stolen or lost cards.

Managing some common challenges 

Timing is very important when it comes to automation and both late and early automation can be harmful to your business. Planning is very important and it is critical to have an effective automation strategy. Many businesses have unrealistic expectations and even though RPA is very powerful it will not be able to cure a dysfunctional business. This is exactly why it is very important to analyze your business and to know exactly where it stands both operationally and financially. Management should have a clear picture of where it wants the business to go and exactly how or why RPA should be implemented to ensure that those objectives can be achieved within a reasonable timeframe. It should also be determined how RPA will impact the business and also how it will influence other available resources within that company. It is important to ensure that all employees understand the reasons for RPA implementation and why it is necessary to ensure better growth of that company. Employees should also understand how the business will benefit from RPA implementation.

Conclusion 

Just like all other forms of artificial intelligence RPA has proven to be highly effective across a variety of industries. The benefits which RPA is able to provide is outstanding and it is able to provide significantly better results than those which is obtainable by making use of only human resources. A properly implemented RPA system can help to eliminate needless human errors. It allows for a better-organized company because it ensures better workflows and more effective operation across all departments within that business. Just like other forms of artificial intelligence such as information technology, chatbots, and automated systems, RPA has repeatedly proven itself to be a critical tool when it comes to business expansion and increased profits. In the majority of cases, RPA stimulates businesses and often results in increased employment opportunities. There is no reason to fear that RPA will lead to a reduction of available job opportunities.

About us:

TMA Solutions was established in 1997 to provide quality software outsourcing services to leading companies worldwide. We are one of the largest software outsourcing companies in Vietnam with 2,400 engineers. Our engineering team was selected from a large pool of Vietnam IT resources; they are well-trained and have successfully completed many large and complex projects. Visit us at: https://www.tmasolutions.com/

Read More

The Four Stages of Robotic Process Automation

Process automation starts with simple tracking and reporting of the activity with a workflow management system, which gets the activity data out of the old paper routing slips and into a structured format for analysis and reporting. The next step applies rules to automate the most simple, repetitive tasks in a process.

After that step, the learning and experience that the team has with the RPA tools make it possible for more complex tasks to be automated, including tasks like taking data from one system and cross-posting it to another one. The final step involves reasoning, where artificial intelligence and deep learning are used to make qualitative decisions that humans used to make.

The stages in my four-step model for RPA implementation are:

1. Simple process tracking in databases – Basic workflow tracking and reporting in structured databases is something you need to embrace before you get started with RPA. Since an RPA tool will perform tasks like retrieving data from one source and inputting it into another application, it’s important that the transaction tracking data is stored in a structured format, like a relational database. If the data for tracking your shop floor activity is only recorded on paper job sheets which must be scanned or input, you’re making it too hard to use the tools.

2. Rules-based business process management (BPM) – Using automation and code (like macros) or pseudocode (like scripts) within BPM applications is the first real step in adopting RPA. Some tools will require format coding skills, use of APIs, and other programming tasks that will require that the business analyst working on a process create requirements that will be coded by a programmer. Newer generation tools allow both traditional coding of logic, as well as low code/no code interfaces like drag and drop flowcharting tools that facilitate non-programmers creating an automated business process. A process in this step of maturity might route a purchase requisition to a manager for approval if it is under $500, send it to a vice-president if it’s between $500 and $5,000, with larger purchases requiring the CFO’s consent, then route it along to the next actor in the process after it is approved.

3. Learning and Bot Creation – Using the success of the last phase automating the simplest tasks, in this step, more complex tasks are automated. Tools which scrape data from one screen and enter it into another are used to create “bots”, which are like software-based workers. For accounting, bots can do things like extract data from vendor invoices and record them in a spreadsheet or enter them into an accounting package. The automation software learns the task by having the software watching a human enter one or more invoices, and then repeating the task multiple times. Humans would then make corrections to the data processed by the routine and provide input to help it be more effective. Reasoning is the hardest thing for computers to do, and it is one of the most challenging as well. In the intermediate to long term, the types of tasks to be automated will be increasingly sophisticated.

4. Reasoning requires artificial intelligence and deep learning, where large amounts of data are analyzed for patterns, and is then used to refine the performance of the task. Although offline legacy applications (e.g. QuickBooks Desktop) do not have the hundreds of thousands of transactions required to optimize these algorithms, when similar applications are deployed in a cloud-based environment, the data is centralized and it is possible to use the data in the aggregate to use machine learning and deep learning.

The future for automation is bright, and while some leading-edge enterprises have reached the third and fourth steps above, almost all mid-market companies and all but the largest accounting firms have progressed no farther than the second step this model. Next month we will discuss how some of these tools are used to automate tasks in a process.

About us:

TMA Solutions was established in 1997 to provide quality software outsourcing services to leading companies worldwide. We are one of the largest software outsourcing companies in Vietnam with 2,400 engineers. Our engineering team was selected from a large pool of Vietnam IT resources; they are well-trained and have successfully completed many large and complex projects. Visit us at: https://www.tmasolutions.com/

Read More

Vietnamese startup was chosen by Google to be one of the finalists of Demo Day Asia 2019

Demo Asia Day, hosted by Google, is the event where the most prominent startup founders in the region gather to compete in front of top regional and global investors, in order to gain opportunities of capital support for business development. Startup Kyna’s online school project, Kyna For Kids, has just been chosen by Google as the sole representative of Vietnam to join the final round of Demo Day Asia 2019.

Kyna For Kids is an online school for children aged 2-10 years. Kyna For Kids cooperates with mobile developers, training organizations, and education professionals to provide learning applications to children of different ages, with different subjects and learning activities. Kyna For Kids also assists parents in teaching their children, helping them to develop intelligence, training skills at home.

About TMA Solutions:

TMA Automotive Software Center is aimed to leverage TMA’s software development and testing experience, and apply latest technologies to provide innovative software services to automotive companies.

Please find more here: https://www.tmasolutions.com/  

Source: Tuoi Tre Online

Read More

Identifying Robotic Process Automation (RPA) opportunities

Robotic process automation (RPA) can make a big difference for organizations plagued by repetitive mundane processes – the kind that suck up the productivity of people whose time would be better put toward more important work.

“There are a vast number of uses for RPA,” says the chief strategy officer of a computer software company.
“In banking, tasks such as opening accounts or processing mortgage applications can be automated, while insurance companies can automate health and injury claims and onboarding for new applicants or agents. In the transport sector, supply chain and logistics operations can be streamlined with RPA. The list of possibilities is nearly endless and beneficial to any business that deals with laborious or tedious manual processes.”

That sounds promising, but RPA experts also note that the technology’s vast potential doesn’t mean it’s a fit everywhere.

“Not all processes are suited for RPA, so it’s important to select the right tool for the job,” says the director of product of a computer software company.

How to identify RPA use cases

How can you best identify and evaluate processes where RPA can deliver tangible results? As a starting point, you need to fully understand the process you’re considering automating. If that sounds like table stakes, it is – and yet many organizations jump into RPA with significant blind spots in their existing processes.

“RPA automates a clear, defined process. Most people don’t have clearly defined processes, so they start automating, and either automate the wrong thing or get lost in trying to reverse-engineer the process,” says the COO of a computer software company. “For example, you try and do RPA for invoice approval, but you didn’t realize that there are actually about 30 different approval processes in the company – because of acquisitions, because this SVP doesn’t like the new process, etc.”

With that foundation in mind, we asked several RPA pros to share with us their advice on identifying and evaluating potential RPA fits in your organization, starting with a series of questions IT leaders can ask to kickstart a discovery process.

What can RPA do for you? Questions to ask

A CPO of a IT services company starts us off with a four-point question to begin generating a list of processes that might be good fits for RPA. (Before you consider this question, make sure you fully understand the process. As he noted in our recent piece on explaining RPA in plain terms, this also means that the process should have clearly defined inputs and outputs.)

The CPO recommends that you determine which of your workforce’s tasks are:

• Repetitive
• High-volume
• Rule-based
• Prone to human error

“If a task checks every single one of these boxes, it’s probably a great fit for RPA,” he says.

The director of product shares a set of seven questions for your discovery process. If you answer yes to these questions, you’ve probably got a good candidate for RPA:

1. Can the task be completed manually by a human sitting at a PC working with applications?
2. Does the business system lack an API or is the database behind the application inaccessible?
3. Does the core vendor charge extra for updating information in the business application?
4. Does a human worker perform the task more than once per week?
5. Does the task involve sensitive data? (In this case, Bultman notes that RPA bots may be better suited for working with sensitive information. Among other reasons, it can reduce the probability of that data being mishandled as a result of human error.)
6. Does the task need to be completed quickly with limited staffing resources?
7. Are there repetitive tasks that employees dislike?

Those last two questions also speak to the possibility for RPA to improve human job satisfaction. “Rather than calling team members in on the weekend, let the bots do the work,” he says.

Where can RPA help? Qualitative questions

Let’s keep asking questions – this time a bit more broadly. The chief strategy officer has you covered, with some qualitative ways of thinking about where RPA can help.

• Which areas are underperforming?
• Where are rigid applications or information silos creating bottlenecks?
• Do you have processes that can’t be scaled unless you hire more people?
• Are employees performing manual repetitive tasks? (You should be noticing a theme here: If it’s repetitive and manual, it’s probably a good fit for RPA.)
• Do you have highly paid knowledge workers dedicated to time-consuming administrative tasks?
• Are human data-entry errors creating frequent rework or exception handling?
• Is your company considering outsourcing processes that you would prefer to keep in-house?

You can use these questions to construct a diagnostic checklist to evaluate the suitability of a process for RPA.

How to construct a diagnostic framework for RPA

Particularly once you’ve generated a list of candidate processes for RPA, you can translate these kinds of questions into a more evaluative rubric.

“A diagnostic can be used to systematically evaluate candidate processes across all functions and verticals to determine which ones are fit for RPA,” the chief strategy officer says. He recommends rating potential RPA fits on seven criteria in some way that makes quantifiable sense, such as low, medium, and high. (You could also use a numerical range such as 1-10.) He also suggests creating a heat map based on the results to help prioritize projects and create a roadmap, since you’re likely not going to tackle everything at once.

Here are the seven criteria:

• Transaction volume
• Prone to errors or rework
• Process predictability
• Rules-based exception handling
• Manual work involved
• System upgrade timing
• Controls importance

Four functions where RPA can deliver business value

Sometimes it’s helpful to see and hear accessible examples of where RPA has worked well in other organizations.

In terms of business functions or departments, the COO notes that most any back-office function likely has processes that are good fits for RPA.

“It is great for automating back-office business tasks across industries, such as accounts payable, returns processing, and warehouse management, as it increases productivity and reduces errors,” he says. Other examples include:

• Finance: Sales order processing, invoice processing, accounts payable
• Management reporting: Gathering information from lots of sources and putting them into consolidated XLS
• Marketing: list management, email, social, digital marketing, CRM management
• IT and/or HR: Staff onboarding and off-boarding

In terms of vertical industries, he mentioned several – such as banking, insurance, and supply chain – with abundant processes that fit the framework and questions above.

Four categories of tasks that suit RPA

Finally, the director of product shares several broad process or task categories that are department- and industry-agnostic, meaning they can apply to just about any organization or business function.

1. Updating information: “For example, organizations often clean up addresses in their system in order to get a reduced postage rate when sending out mailers. They export the addresses, pass them through an address cleanup service, then use RPA go into each account and update the address,” the director says. “Could this project be done programmatically? Probably. But that would require IT or a programmer to get involved. With RPA, the employee tasked with updating this information can use RPA to create an automated task for this themselves.”

2. Migrating information: “Organizations often need to move information from one system to another. For example, if a bank merges with another financial institution, the bank systems need to be consolidated,” the director explains. “Using an RPA approach, the data can be exported from the old system and keyed into the new system at superhuman speed. This approach is advantageous in that it does not bypass the rules of the destination business system – that is to say, the data being put in is formatted and stored properly every time. Other code-heavy approaches bypass the screens of the application, which prevents the work from being captured in the system’s audit logs.”

3. Urgent tasks: Any process with a trigger that requires immediate attention can be a good fit for RPA, which can often run that process faster than a human can. “If a bank is notified of a data breach that compromised a list of debit or credit cards, that financial institution wants to close those cards as quickly as possible to mitigate their losses and protect customers from the hassle of having their funds stolen,” he says.

4. System monitoring: “RPA bots can be used to monitor critical business systems. If an online retail store goes down, it could cost a company millions of dollars,” the director says. “Organizations are using bots to simulate human interacts with their online apps to ensure things are running smoothly. If anything goes wrong, the bot can immediately report the problem in a variety of ways, including sending email, text message or Slack notifications, to name a few.”

Again, the possibilities for RPA may seem limitless, but asking the right questions and applying some type of evaluative or diagnostic framework can help you develop a sound strategy. Also, don’t confuse those seemingly limitless possibilities with “everything.” There are areas where RPA isn’t the best approach. Look for more coverage on that topic in a follow-up post.

About us:

TMA Solutions was established in 1997 to provide quality software outsourcing services to leading companies worldwide. We are one of the largest software outsourcing companies in Vietnam with 2,400 engineers. Our engineering team was selected from a large pool of Vietnam IT resources; they are well-trained and have successfully completed many large and complex projects. Visit us at: https://www.tmasolutions.com/

Read More

Robotic Process Automation changing the face of Insurance

Insurance companies can either burden their workforce with repetitive and operational tasks or channelize their bandwidths towards more value-added tasks. What a company chooses, determines the pace of its growth.

Processes such as underwriting, claims to process, and policy servicing, bring along with them a plethora of important but mundane and repetitive work, affecting the overall organization’s efficiency. This is where the need to automate systems and manual processes arise.

Robotic process automation (RPA), with the use of software bots to handle routine processes and time-consuming data entry work, is an objective solution for any organization to drive customer-centric strategies and scale up operations.

Why is RPA a Good Fit For the Insurance Sector?

The insurance industry is replete with back-office processes, which are operational, high-volume, and repetitive in nature. Organizations can count on RPA to shoulder these time-consuming processes and free up their workforce to focus on customer service, thereby reducing costs and turnaround time while increasing customer satisfaction.

RPA also helps automate sub-processes within major insurance processes. Moving of data from spreadsheets to core systems, pulling out data from invoices into a core system, scraping of information from the internet and websites, are among some of these sub-processes RPA helps automate.

Further, RPA streamlines the end-to-end process lifecycle through the integration of front-end technologies with existing back-office processes.

More importantly, RPA done alone is not enough. Like any other well-orchestrated process in the organization, RPA also need context. Automation will do the job faster. Automation with context will do the job more effectively and fast.

Effective RPA Implementation is a Need of the Hour!

Let’s understand how RPA implementation can make a significant difference across critical insurance processes:

New Business and Underwriting: Gathering data from different sources to accurately assess the risk associated with any insurance policy makes underwriting an appropriate area for RPA.

Claims Registration and Processing: The claims process is document and data-intensive and depends on the collection of information from multiple sources. This makes the process lengthy and time-consuming, affecting customer service and competitive advantage.

RPA can help insurers automatically notify those responsible for loss adjustment, hand over tasks to claims handlers, and integrate all the disparate claim information. This helps speed up the process, improve customer experience, and increase ROI.

Policy Administration and Servicing: Policy administration brings together all the functions of an insurance provider, right from quoting rating, and underwriting to the distribution of customer services. Policy administration systems are expensive, high-maintenance, and cannot scale quickly enough to meet the growing customer needs or support business growth.

Our experience has shown that RPA can help complete the task in one-third of the time taken.

Regulatory Compliance: The insurance sector is guided by strict regulations related to documentation and audit trails. The presence of tedious and error-prone processes can increase the risk of a regulatory breach exponentially.

RPA comes in handy in such situations by replacing the need for devoted staff to go through operations to enforce regulatory compliance manually. RPA also helps make sure that the data is accurate and maintains a complete log of changes. This data helps monitor regulatory compliance on a regular basis through internal reviews.

The insurance industry is more than ready to take advantage of RPA technologies.

In Closing…

While RPA is the technology to embrace, the organizations must remember that its effectiveness depends on the mindful implementation. A thumb-rule to follow while implementing RPA would be to ensure that it is effective only when there are repetitive, rule-based processes are involved. The lesser the need for human judgement, the more the process is suited for an RPA implementation.

About us:

TMA Solutions was established in 1997 to provide quality software outsourcing services to leading companies worldwide. We are one of the largest software outsourcing companies in Vietnam with 2,400 engineers. Our engineering team was selected from a large pool of Vietnam IT resources; they are well-trained and have successfully completed many large and complex projects. Visit us at: https://www.tmasolutions.com/

Read More