Industry analysts predict that disruptive technologies like Robotic Process Automation (RPA) could potentially automate 110-140 million FTEs’ (Full Time Equivalent) work by 2025*. However, the success of any automation initiative depends on the depth, detail, and feasibility of its implementation plan and the commitment of the organization towards its timely execution.
The primary focus of an insurance transformation journey revolves around automating business processes to provide greater customer service across the policy lifecycle. The key is to integrate customer centricity into every business process right from quote generation to claims settlement. In addition, automation will help carriers get products out to market quicker to increase top line growth.