Cognitive robotic process automation (RPA) is a fast-evolving field of computing and is an emerging form of business process automation (BPA) technology. It involves the automation of many internal and external customer journeys through software "bots." RPA started roughly 20 years ago as a rudimentary screen-scraping tool, technology that is used to eliminate repetitive data entry or form-filling that human operators used to do the bulk of. For example, the software could copy data from one source to another on a computer screen. Imagine a finance clerk handling invoice processes by filling in specific fields on the screen.
Multiple disruptive forces are reshaping the global insurance sector. Technology such as artificial intelligence (AI), machine learning (ML), blockchain and internet of things (IoT) solutions stand on one end, and nimble, innovative insurtech startups sit on the other. These technology advancements are forcing traditional incumbents to rethink their business models and accelerate their digital transformation strategies. In the coming months, insurance as we know it will undergo rapid transformational changes that include the following trends. Back-end workflows within the insurance enterprise (including underwriting) will be automated to a large extent using AI/ML.
Many companies add AI to processes by building or buying single-task bots, such as NLP systems or vision recognition tools, and adding them to processes using traditional, non-AI methods. But human intelligence is still needed to tease out processes, disparate systems into a single coherent process, to change processes as the business evolves, and to spot and fix problems. According to McKinsey, AI, machine learning, and related technologies are now making inroads into this territory via robotic process automation (RPA). This combination of AI and RPA adds up to intelligent process automation (IPA). In addition to RPA and machine learning algorithms, IPA also includes process management software, natural language processing and generation, and cognitive agents, or "bots."
WIRE)--VirtusaPolaris, the market-facing brand of Virtusa Corporation and Polaris Consulting & Services, Ltd. and a leading worldwide provider of information technology (IT) consulting and outsourcing services, and WorkFusion, the leading smart process automation (SPA) provider, today announced a partnership to deliver new smart automation solutions for the banking and financial services (BFS) market. The combination of VirtusaPolaris' deep BFS industry and process expertise and WorkFusion's cutting edge platform will help clients reduce operational costs, while improving quality, productivity and agility. "Most financial services organizations continue to struggle with inefficient legacy systems that have not kept pace with the change in business and regulations, introducing gaps in process automation that negatively impact efficiency of business operations. Many of these gaps are low complexity high volume routine process steps and most organizations have deployed large operational workforces, frequently offshore, to handle these processes," said Bob Graham, global solutions head, Banking and Financial Services at VirtusaPolaris. "WorkFusion's combination of robotic and cognitive automation supported by VirtusaPolaris' expert consulting and implementation services allow customers to improve quality through greater accuracy and the removal of human error, reduce costs through rapid automation of manual tasks, and accelerate time to market with our proven delivery approach."
"I can't wait to push some paper today!" The mind-numbing work to keep the wheels of commerce rolling--filling out invoices, deciphering hand-written memos, processing insurance claims--can be a real grind. It's been that way since the time when Ebenezer Scrooge refused to provide another lump of coal to help warm overworked clerk Bob Cratchit. Lacking frailty of mind and body, artificial intelligence for business process automation appears to be a no-brainer. In fact, a number of companies are employing AI techniques such as machine learning, computer vision and natural language processing to automate business processes.