Figure 1: Insurance value chain and customer journey
out to be $ 22,214,804. This results in a benefit of $9,255,496 with ROI of 42%. With such great financials, RPA is definitely going to be one of the most disruptive technologies in the Insurance industry. However, we also need to address the effect of this massive automation on the workforce.
& competencies while eliminating operational barriers
Expectation Clarity: The employees should be clear about the fact that their talents will be repurposed to higher value adding tasks. What lies ahead? We have seen the umpteen benefits of RPA in insurance and we also looked at
mitigating the risks associated with it. The truth of the matter is that RPA is the future of an industry like Insurance which needs speed, accuracy and the ability to analyze vast amounts of data. The question is how quickly can organizations jump onboard and make it an industry norm?
Change Management An effective change management strategy will be needed to motivate the employees. The Three-E change management framework can be usefulExplain: The employees need to be explained as to what is happening in terms of automation and their inputs should be used to create robotic operating model defining roles & responsibilities of the RPA. Engage: The employees should be engaged by helping them develop new skills
Fig ure2: Source - Infosys; case study on RPA simplifies insurance processes
for a leading developer of solutions and services in the insurance and financial services industry