As the only integrated insurance technology solution that fully supports the insurance industry, OX Zion was highlighted in the February Issue of Chart Coverholders and Risk Takers Exchange with the following article.
Advancements in the Workforce: How RPA Can Catapult You Into the Future
by Mike Fieseler, VP Business Development
Robotic Process Automation (RPA) is nothing new, but rather a modern label for the way organizations seek to achieve greater operational efficiencies and support growth. Just as the Industrial Revolution gave rise to innovation, the current nature of work is changing, and so is the method of automation. Over the last decade, the cost of automation has continued to decrease, while the capabilities have continued to expand. RPA tools are helping businesses provide faster services with improved effectiveness, at a lower cost than previous methods, and a typical savings of 30-70%.
Flexibility, Scalability, Absolute Accuracy:
- More predictable, consistent and less prone to errors compared to human process.
- 24x7 operation, no sick days or vacations resulting in faster processing times.
- Processes can typically be deployed in a matter of weeks.
- New processes can be automated in days, sometimes even hours, resulting in lower implementation
cost and shorter implementation time.
- Detailed Operational Intelligence data gathered from tasks performed with RPA can provide valuable metrics that allow for more process improvement and help maintain compliance standards.
Companies that stand to benefit from introducing RPA into their current processes are not limited to a specific industry, but rather, any organization with functions that require methodical, standardized and repetitive work, including work that is consistently rules-based. An example of a routine process that would be a good candidate for RPA would be retrieving information from one system and entering it into another, or activating another system function based on all, or part of the data/information. RPA software robots perform these routines by mimicking the way humans interact with applications and following simple rules to make decisions.
It is easy to see the benefits of RPA, but how do you know which processes in your organization you should apply it to? Chances are, if you consult your IT Department, they will start with what is easiest. If you ask the Operations Leaders, they will likely start with ones that have the most errors or customer escalations. But what is right for your business? How do you decide what is going to make the most impact to your Operational Efficiency?
- You need to look at your business holistically to see how you make money (Sales) and how you get the job done (Operational Cost).
- Determine which processes you have visibility and control over, and which steps in these processes are most critical to your organization.
- Decide on the best steps to automate and get Visibility and Control across your entire organization.
To help you achieve this, you don’t need just an RPA, you should have a Business Operating System (including work flow management, visibility and control) that includes RPA in it.
Combining the RPA model with a Business Operating System like Vantage Agora’s OX Zion can lead to many key benefits, including:
- Visibility within your team and your workflows.
- Cross-client experience metrics which enable you to become best in class.
- Access to standard industry forms experience. (i.e. ACORD, ISO, etc.)
- Enhanced learning and escalated rate of ‘best practice’ evolution using analytics.
- Integration with common industry applications.
- Customizable Operational Intelligence (OI).
- RPA Engine to automate where necessary.
If you are considering implementing RPA, it is important to begin with the idea of a proof of concept or pilot implementation to start. Doing so will provide an opportunity for others in your organization to see the advantages, building momentum that will lead to success. When choosing a process to start with, consider that automating an old, inefficient or poorly-designed process will only make a bad process run faster.
Vantage Agora can help you reimagine your outdated processes and gain the momentum your company needs to stay competitive. Combined with RPA, OX Zion is the only tool companies need to stimulate growth and elevate their organization to the next level. Read the full feature in CIO Applications Magazine’s Top 25 Insurance Technology Companies issue to learn how Vantage Agora’s groundbreaking technology is transforming the insurance industry. Contact us today to learn more!