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What is Robotic Process Automation (RPA)?

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Robotic process automation is the use of specialized computer programs, known as software robots, to automate and standardize repeatable business processes. Imagine a robot sitting in front of a computer looking at the same applications and performing the same keystrokes as a person would. While robotic process automation does not involve any form of physical robots, software robots mimic human activities by interacting with applications in the same way that a person does. Working as a virtual business assistant, bots complete tedious tasks, freeing up time for employees to concentrate on more engaging, revenue-generating tasks. Part of the beauty of robotic process automation technology is that it offers even non-technical employees the tools to configure their own software robots to solve automation challenges.


Viewpoint: Streamlining Claims Processing with Intelligent Process Automation

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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.


What is Robotic Process Automation (RPA)?

#artificialintelligence

Robotic process automation is the use of specialized computer programs, known as software robots, to automate and standardize repeatable business processes. Imagine a robot sitting in front of a computer looking at the same applications and performing the same keystrokes as a person would. While Robotic process automation does not involve any form of physical robots, software robots mimic human activities by interacting with applications in the same way that a person does. Working as a virtual business assistant, bots complete tedious tasks, freeing up time for employees to concentrate on more engaging, revenue-generating tasks. Part of the beauty of robotic process automation technology is that it offers even non-technical employees the tools to configure their own software robots to solve automation challenges.


Robotic process automation: The processing task master

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We live in a data-driven world. Exemplifying that, the global data sphere will grow from 45 zettabytes in 2019 to 175 zettabytes in 2025, according to a study by International Data Corporation (IDC). In many sectors, organisations are recognising that if they are to deliver real business value and remain competitive in a constantly changing marketplace, it is imperative that they invest in the ever-better management of their business processes. In the financial sector, for instance, Deloitte estimates that the volume of unstructured data is nine times greater than that of structured data because new applications for accounts and loans require ever more verification. So, for pretty much any future-thinking company, the only way to remain effective is to make the best possible use of technology to process the growing deluge of data.