According to McKinsey, 25% of the insurance industry will be automated by 2025. Indeed, most insurance companies are now using robotic process automation (RPA) in one way or another. While that’s a good thing overall, the current RPA strategy of automating singular tasks within larger processes is leading to the creation of automation “silos.” Such silos may provide immediate tactical benefits, but they also stand in the way of greater organizational efficiency.
That leaves insurers feeling like they’ve hit a new roadblock that needs solving: How can automation weave complex processes together more holistically—and in a way that adds value to the business?
The future of automation in the insurance industry—and the solution to this challenge—is hyperautomation. Here’s what robotic process automation looks like in today’s insurance industry and how hyperautomation takes RPA to the next level.
Nividous platform is the only automation platform that combines RPA, AI, and business process automation right out of the box.
In many ways, insurance products are becoming commodities. Digitization has made it easy for new players to enter the industry, putting pressure on established insurance firms to drive down prices. As a result, most insurers are looking at how to boost their decreasing profit margins.
Increasingly, insurance products are finding their way into customers’ hands not through insurance professionals but through channel partners—corporate agents, car dealerships, financial advisors, and more—most of whom want the option to deliver insurance products digitally. This is a welcome opportunity for insurance companies, but it also poses something of a challenge: Few companies are well-equipped to build a mass of new digital product configurations, much less to support them. They continue to struggle with:
To overcome these challenges and support hundreds of channel partner relationships, insurers must explore the advantages of automation—specifically, the advantages of applying RPA to insurance processes.
There’s no doubt that insurers must employ technology to remain competitive—and until now, RPA was the best solution.
But RPA only automates a small piece of a larger task. To solve a complex business problem, you need a holistic automation approach.
The process of issuing insurance coverage is multifaceted and complex—a combination of steps that require both the intelligence and insights of people along with simple decision-making abilities that an RPA bot could handle. Hyperautomation is about automating a process from end to end, orchestrating it all to maximize efficiency.
As an intelligent automation provider, Nividous has clearly helped numerous insurance companies gain control over their specific processes with comprehensive, hyperautomated solutions. In general, RPA can often assist with the following insurance processes:
If you’re experiencing an efficiency problem or looking for ways to maximize the value of your workers, talk to us at Nividous. We have extensive experience implementing hyperautomation and robotic process automation in insurance and would love to help.
Nividous is one of the very few platforms that offers hyperautomation capabilities—RPA, insurance business process automation, and artificial intelligence—right out of the box. This combination of technologies makes it possible to automate very sophisticated processes (not just single tasks), freeing up your people to do more valuable work. You can avoid the costly strategy of using multiple vendors for automation, and just use one: one platform and one support cost for all your automation needs.
If you’d like to see our platform in action—and talk to us about how it can improve your insurance-related processes—schedule a demo. Or, check out our case studies to see how we’ve helped other insurance companies.
Shvetal has over 25 years of experience in the process automation space and brings tremendous knowledge to help clients navigate their digital transformation journey. He plays a leading role in steering innovation for the Nividous’ one-of-a-kind Hyperautomation platform. His vision has helped Nividous get recognized as a high- profile thought leader in driving digital transformation through intelligent automation.
He comes to Nividous from Progress Software where he was the Director of Engineering for their Business Process Management Division. Prior to Progress Software, Shvetal served as Senior Director of Engineering at Savvion Inc, where he contributed to the development of many products in the area of BPM software. Progress Software acquired Savvion Inc in January 2010. Shvetal joined Savvion in 1996 as one of the early developers for their highly successful Savvion Business Manager product, rated consistently for many years as one of the top three BPM products worldwide by leading analysts like Gartner and Forester. Prior to Savvion, Shvetal worked at Netscape Inc in their Enterprise Servers division.
He holds a Bachelor of Engineering degree in Electronics from Mumbai University, India and a Master of Science in Computer Engineering from Santa Clara University, California.
Kaushal is an evangelist for digital transformation using process automation technologies. Kaushal is a consistent advocate of approaching business objectives with a holistic view of processes, platforms, and people to generate measurable business value which has enabled him to steer Nividous ahead as a leader in intelligent automation space.
Kaushal comes to Nividous from Progress Software where he was the Vice President, South Asia and headed Field operations as well as Shared Services that included Global Professional Services and Customer Support out of India. Prior to Progress, Kaushal was with Savvion Inc, one of the principle software providers in the BPM space, where he was the Managing Director of Savvion India, a wholly owned subsidiary of Savvion and was responsible for sales, consulting and product operations. Kaushal joined Savvion in 1995 as one of the earliest employees and worked with high technology leaders including Fujitsu, IBM and Computer Associates for incorporating cutting edge technology into their products. In 1999, he moved to India to set up business operations.
He holds a Bachelor of Engineering degree in Electronics and Communications from Gujarat University, India and a Master of Science in Computer Engineering from Santa Clara University, California.