Top 6 RPA Trends in Insurance in 2023 and Beyond
Jan 10, 2023
As businesses are increasingly undergoing digital transformation, most insurance carriers are investing in IT and automation capabilities to serve their customers in an enhanced way. In this regard, Robotic Process Automation for insurance (RPA) has become an important part of the entire digital transformation process.
Furthermore, the Covid-19 Pandemic had compelled everyone to stay indoors. Even companies around the world were forced to work with a minimal workforce. This created a critical demand for automation. RPA with its ability to perform high-volume repetitive tasks efficiently was an obvious choice then.
As we glide through the beginning of 2023, we should pause and introspect how the RPA technology will characterize the near future. Which RPA trends will catch on? How will businesses yield value with RPA?
This blog will answer all these questions by discussing the top RPA trends that are catching up in 2023 and beyond.
Let’s walk you through the top automation trends for 2023 to know how you can keep your business ahead of the curve.
Key Automation Trends in the Insurance Sector
-
CIOs will invest more in automation:
In any insurance organization where digitization is being fast-forwarded, the CIOs are entrusted with the responsibility of enhancing IT performance and identifying the latest tools & technologies that the business can embrace to become digital leaders.
That makes the implementation of RPA a mandate for most CIOs in 2023.
Do you know? According to a recent report, ‘78% of businesses are likely to invest or increase their investment in automation.’ In 2023, insurers will invest more and more in a framework linking RPA-based automation to optimize performance, increase productivity and gain a competitive advantage.
-
Intelligent automation will boost RPA efforts:
RPA can be the soul of automation, but the need of the hour for businesses is intelligent automation backed up by RPA. While Data Extraction Tools & Techniques can perform rule-based tasks with efficiency and speed, intelligent automation uses machine learning to achieve more complex operations.
It will allow insurance businesses to offload a significant part of tasks that would otherwise demand excessive human interference.
In 2023, by leveraging intelligent automation powered by RPA, insurers can achieve significant productivity with minor errors and downtimes.
-
Rise of low-code platforms:
2023 will witness a surge in low-code platforms that help insurance organizations in building systems and apps with minimal coding. There are also some platforms that provide drag-and-drop options that avert users from the need to do any coding. According to Gartner, 70% of new applications developed by organizations will use low-code or no-code technologies by 2025.
RPA lies at the heart of such low-code platforms.
The end result will be a substantial reduction in effort for developers and non-tech users.
-
Increased chatbot usage for customized customer support:
The insurance sector is undergoing a significant transformation. The recent past has seen a massive shift in online chatbots and automation in insurance programs that simulate human conversations.
But wait! That is not all. It is getting better.
In 2023, chatbots will offer more personalized customer care – no more arguing about price quotes or making duplicate requests for the same information.
So now, insurers have to decide how to use chatbots in the industry to improve client experience and drive revenue.
-
SMBs will increasingly embrace RPA:
SMBs represent the highest rate of RPA adoption. A global push towards automation and easy access to automation software are a few factors that have made RPA affordable and accessible for SMBs.
Henceforth, it is expected that adoption of Robotic Process Automation will increase tremendously in the coming years in the SMB market space.
-
Enhanced usage of machine learning for risk detection & mitigation:
RPA is helping insurers in risk prevention and mitigation processes in a way that has never been possible before. It is especially true for carriers that have to deal with increasing numbers of people claiming to be victims of fraud.
In 2023, insurers will increasingly leverage ML, AI, and predictive capabilities to detect frauds, flag potentially fraudulent claims, and respond to consumer complaints. For instance, many insurers will now use AI to monitor customer complaints and detect patterns that suggest fraudulent activities.
To Sum Up
Every sector is reshuffling its business strategy to incorporate the paradigm shifts created by technology advancements. The insurance industry is no exception. The most crucial need of the hour for insurers is a technology that helps them automate their current workflows. Henceforth, there is no doubt that implementing automation will continue reinforcing business success in 2023 and beyond.
Are you looking to automate your insurance business processes? Get in touch with our RPA in P&C Insurance Industry executives to understand how we can help you boost your business processes and improve ROI.
