As businesses continue to grow and evolve, they constantly look for new ways to streamline their operations and improve their bottom line. Business Process Outsourcing (BPO) services have been a popular solution for insurers looking to control costs, improve customer experience, and implement scalable processes to enable business growth. The recent rise of Robotic Process Automation (RPA), however, has taken insurance BPO to a new level.
According to research from Everest, combining offshore BPO with RPA can reduce operating costs by up to 45%.1
Solartis, a leading provider of BPO services, is at the forefront of this evolution, leveraging the power of RPA technology to provide a comprehensive solution for businesses.
What is RPA?
RPA technology is revolutionizing businesses by automating repetitive, manual tasks. RPA doesn’t involve actual, physical robots - instead, a software ‘bot’, comprised of a few lines of code, is applied to complete tasks that formerly required a person to perform.
Tasks are completed quickly and accurately. Not only that, the bots that facilitate RPA fit into existing software, processes and procedures. Even companies that are bound by legacy software can get the benefits of RPA without expensive upgrades, integrations, or retrofitting.
Automating manual tasks with RPA technology has a number of benefits, including:
- Lower operational costs
- Reduced cycle time
- More transparency and visibility
- Easier compliance and reporting
- Better data security
- Fewer human errors
- Higher employee productivity
- Better operational efficiency
- Provide faster service
- Improve SLAs
- Eliminate human errors
- Improved CX
With RPA, companies can relieve their employees of a heavy administrative burden and channel those resources to higher-level, strategic objectives. This not only makes it easier to reach strategic goals, it also results in higher employee morale (and lower turnover) and more satisfied customers as well!
Read more: Solartis Administer FAQ
How is RPA used in Insurance BPO?
The top applications of RPA in insurance policy administration BPO include data entry, document generation, policy renewal, submissions, claims, re-keying of data from system to system, and other back-office insurance processes.
One of the most powerful effects of the correct application of RPA in insurance BPO is improving the customer experience. The ripple effect of RPA implementation causes an exponential impact on CX improvement.
For example, an insurance company partners with Solartis for BPO services, and Solartis helps determine which processes require human intervention and which can be addressed with RPA. Once the new solutions are up and running, the processes run much faster. That means that Solartis customers have faster turnaround, enabling them to focus on higher-level, strategic goals like increasing revenue, or providing exceptional customer service.
At the same time, RPA reduces human error so there is less rework required, further improving the customer experience. Finally, lifting the administrative burden from in-house employees means that they are free to devote their efforts to resolving those customer service issues that do arise. RPA benefits of faster cycle time, lower errors, and a lighter workload all work together to exponentially improve the customer experience.
At Solartis, we understand the power of combining BPO services with RPA technology. Not only that, but we have the insurance industry experience to help you determine which processes are best suited to RPA, and which require the critical thinking capabilities of our expert team.
As a trusted partner, Solartis works with you to understand your company’s unique aspirations, and work out a custom solution that combines the power of RPA with the best in outsourcing. The right combination of outsourcing and automation can exponentially elevate your team’s ability to focus on revenue-centric and value-added services for your insureds and improve customer satisfaction and retention.
Whether you're looking to automate manual tasks, improve customer service, or streamline your operations, Solartis has the expertise and technology to help. Contact us today to learn more about how we can help your business achieve its goals.
"They are fast, simple, and cost-effective. Their team is an extremely reasonable group of people who care, really care, about your success. Every launch has some bumps - they worked above and beyond to make sure those bumps didn't disrupt our launch or our ability to write new business. Without Solartis, I wouldn't be projecting a 30% increase in topline growth."
said Cameron Linder, CEO, Western Bowling Proprietors Insurance (WBPI), Rednil Insurance Brokers, Inc.
Resources: 1 https://www.everestgrp.com/market-insights/automation/robotic-process-automation-in-insurance-bpo-can-yield-significant-savings-market-insights.html
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