The past decade has given us the opportunity to witness a phenomenal transformation in the insurance industry, as a result of factors including economic changes, increased competition and technology initiatives that are creating a dynamic environment of progressive change.
Legacy system transformation is bridging the gap between traditional (legacy) infrastructures and strategic, modern models that are promising an improved result on efficiency, costs and risk aversion.
Core insurance systems are being upgraded by such initiatives as RPA (robotic process automation). It is intelligent software capable of analysing processes, deciphering customer enquiries and taking action automatically for the most efficient and effective solution.
Utilising RPA can automate tasks that often involve high volume but overall are of low value. Repetitive manual work that makes up a large portion of the insurance industries workforce arises from legacy systems that are focused on one area of the business and inflexible when it comes to being integrated with other systems.
Proving popular with employees whose businesses are already in a legacy system transformation process, it gives the opportunity for focuses to be adjusted to strategic assignments and projects that can widen the companies reach with its customers. As with any new tech, there will be some caution, but the more we see the growth of RPA being successfully integrated, it is rapidly being considered mainstream. Artificial intelligence applied to RPA is next on the agenda, but comes with increasing risks and greater caution. But in reality, learning applied to an adjusted process isn’t that complex as long as the master switch is close to hand.
Customers; both internal and external to an organisation, are at the core of all business decisions and are the prominent driving force behind these changes being implemented. It is vital now more than ever to provide facilities that allow easy access to information, straight forward transactions and an elite customer service experience that is undisputed by other competitors in its time-efficient and cost-saving outlook.
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