RPA or Robotic Process Automation helps businesses and organizations as a backbone to their software robots. It helps to reduce human force work in daily repetitive or routine activities. RPA helps to handle these rule-based activities with minimum error and more efficiency.
Whereas, AI or Artificial Intelligence helps to perform human tasks that need human intelligence. With the help of computer science, these machines can do critical thinking and perform tasks using their own intelligence and reasoning.
One of the major features of AI is thinking humanly & rationally and acting humanly & rationally. And, a combination of RPA and AI can show one of the most important benefits of cost reduction and efficiency.
Why RPA and AI Are Game Changers for the Insurance Industry
As RPA mostly worked on human rule-based tasks and AI can use its own intelligence, they might be viewed as separate or unequal. But both of these fields are highly complementary and can be a game-changer not only for the business industry but also for the insurance industry.
Many organizations have started seeing the benefits of combining RPA and AI. Especially systems, like financial services and telecom industries, are finding this combination very attractive. In RPA, a bot can route rule-based tasks to a human to classify them such as date and address.
On the other side, an AI system can take over these tasks and classifications. The approach of combining automation and intelligence grabbed many bank owner’s attention. Many of them started adopting this method to provide a quality experience to customers and improve risk and compliance.
As this combination keeps improving, banks started installing RPA and AI systems to replace human tasks.
RPA and AI in the insurance industry
Even though RPA and AI work uniquely using their different properties, they offer exceptional help to human forces. If RPA can perform tasks like filling forms, copying data, and accessing legacy, then AI systems can learn human tasks and make fast reasoning and judgments.
Looking at their accuracy rate which even reached levels superior to those of humans, many banks started installing RPA and AI systems. By making this decision and undergoing this automation and intelligence combination, these banks reduced its cost by 20%.
Not only that but this new transformation also decreased the amount of time from days to minutes to develop certain processes. In finance and accounting, the latest financial treasury management data has to be updated from time to time.
Here, RPA has the ability to integrate and process data efficiently from various legacy systems without any error. Whereas, AI can observe past patterns in financial services and predict their future development.
Looking at their abilities, one can say that the combination of RPA and AI has the ability to offer smart automation and create maximum efficiency for financial services. They both can change the economics of work and have significant implications for how companies should organize and provide their services. For advice, please contact SmartOSC DX at (+84) 24 710 8 122 to have all your questions answered.