In recent years, the insurance industry has seen an influx of new market entrants seeking to disrupt and reinvent specific business segments by launching new products and services free of the expense and overhead of "traditional" players. These digital "insuretechs" have the advantage of leaner, more agile processes and lower transactional costs. Big incumbents, despite all their scale and financial leverage, often have a tough time competing with them. Ironically, advances in new digital technologies like artificial intelligence, specifically applied to process automation (what some call Intelligent Process Automation), are leveling the playing field when it comes to organizational agility and operating efficiency. And claims processing is one particular area where larger insurers can take real advantage of these opportunities to keep pace.
Automation Anywhere has rapidly grown a customer base of more than 900 enterprises becoming the global leader in robotic process automation (RPA). Its platform is the most intuitive to use and the fastest to deploy and scale. Dozens of Automation Anywhere customers have deployed intelligent digital workforces that include more than 1,000 digital workers, or bots. This is possible because business users do not need programming skills to create Automation Anywhere bots capable of saving millions of dollars annually. Automation Anywhere RPA is so intuitive and easy to learn that business users can design bots in just minutes and get them into production within days.
In this era of Artificial Intelligence, where bots can mimic human minds and outperform humans; a new age process automation tool called RPA, "Robotic Process Automation" has been creating a lot of buzz. It is highly versatile and can be used by every industry to streamline and optimize their business processes. From data entry to claims processing to automatic payments, RPA can do it all. According to a report by Forrester, the RPA Market will grow from $250 million in 2016 to $2.9 billion in 2021. There is a huge potential for RPA and several businesses have started realizing the benefits that RPA could offer and the potential to improve their processes and reduce costs through implementing RPA.
Recently IT Brief had the opportunity to get in touch with Adrian Jones, Automation Anywhere APJ EVP, to discuss AI and its impact on the modern workforce. Can you tell me a bit more about Automation Anywhere? Automation Anywhere is a global leader in Robotic Process Automation (RPA) software and AI technology for enterprises looking to deploy intelligent digital workforces. Our technology uses software bots that work alongside the human workforce to take on repetitive, mundane work, allowing people to do more meaningful work. Beyond automating tasks, Automation Anywhere's platform also helps improve them on the back-end by enhancing efficiency, minimising error and reducing operational costs, while helping enterprises manage and scale business processes faster.