Robotic Process Automation in Banking and Insurance

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Robots provide more accurate and faster service than humans at a fraction of the cost.

Robots can act as assistants for staff, as stand-alone workstation workers or as a complete virtual workforce, working from virtual desktops within a data centre. Choosing the best fit configuration for your business is a critical component of a successful strategy and optimum long term results. Banking robotic automation and Insurance robotic automation share common characteristics.

Dealing with sensitive data

Security, accuracy and fraud prevention are critical elements within both Banking and Insurance. Here again, Robots outperform humans. Robots log into applications with the same user name and password credentials as humans. However, Robots only examine data directly relevant to the task at hand, they never make human errors and they have no motivation to use information or system access for fraudulent purposes.

Robotic automation can also be applied on virtual workstations within data centres which further limits access to keyboards and computer screens by non-approved eyes.

Efficient systems

Banking robotic automation performs a lot of the tedious work, like address changes across multiple systems and customer profiles combined from information across multiple systems. Insurance robotic automation performs similar work by manipulating data between separate legacy systems that are often remnants of previous acquisitions.

Robots perform this work fast and seamlessly as if there was really just one integrated system. Robots can be configured and trained to do this work in a matter of weeks when it would take years and millions of dollars for an IT group to integrate the disparate systems to the same degree.

Better accuracy

100% accuracy is another important feature of both banking robotic automation and insurance robotic automation. They simply don’t make human errors.

This improved accuracy also eliminates the need for quality checking and rework, further reducing costs and improving service levels.

Easier to work with

Robots are also much easier to work with than humans. Robots don’t require coaching or ongoing training. Once one Robot is trained to do the work, all other robots immediately learn the same things. Robots don’t require the same supervision as humans and can work 24 hours a day, 7 days a week, without a break.

Robots are also more reliable and secure than humans. They do exactly what they are instructed to do and nothing more. A central control person can manage up to 30 Robots, each performing the work of between 2 to 4 staff. This significantly reduces management costs and improves capacity planning accuracy.

Additional Robots can be deployed at the click of a mouse to handle unexpected load peaks common in Banking and Insurance.
When processes or work applications are changed, only one Robot needs to be retrained and all other Robots immediately learn the same new process.

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