Just How Banking and Insurance Can Benefit From Robotic Automation Systems

And more so, in today's day and age, when the service sector stands at the forefront of the economy, Robotic Process Automation software has revolutionized the workforce of the service industry, which includes sectors such as banking and insurance. Designed with the purpose of replacing human workforce with a virtual one, these robots, which perform on-screen rules-based processing work, are not only considerably faster, consistent and more accurate as compared to human beings, they accomplish the same tasks with far less costs involved.

Robots today can fill a variety of diverse roles - from single workstation workers, to an entire virtual workforce, or even as virtual assistants for other employees - these are, as aforementioned, highly efficient and extremely cost-effective. In this regard, it is extremely essential that one opts for the best fit configuration for their business that provides beneficial long-term results.

Dealing with Sensitive Data

Banking robotic automation and insurance robotic automation have certain key characteristics in common, chief among them being the areas of security, accuracy and fraud prevention - areas where robots easily can, and do outperform humans. To take as an example, while a robot would log into an application with the same user name and password credentials as a human worker, it would exclusively examine task-relevant data and never make human errors. Additionally, a robot, unlike a human being, would never harbor any kind to motivation to misuse sensitive information for their personal benefit, and hence has no question of performing any actions pertaining to the same.

Also, the application of robotic automation on virtual workstations restricts non-approved personnel from being anywhere near any kind of sensitive data.

Efficient Systems

Banking robotic automation and insurance robotic automation are also similar in the kind of work they perform; while the former performs tasks such as changing address and combining customer profiles from information - all across multiple systems, the latter manipulates data between separate legacy systems that are often remnants of earlier acquisitions.

Not only do robots perform such work with speed and precision as a single integrated system, they can be configured to do so in weeks, as opposed to the years and millions required by an IT group to work at the same level.

Better accuracy

Since robotic automation - both in banking and insurance are 100% accurate with no room for human errors whatsoever, there is simply no need for any rework and quality checking, which improves service levels and reduces costs to a large degree.

Easier to work with

Since robots are simple and easy to train, and do not require any special coaching or training, or, for that matter any supervision, and in addition can and do work 24 hours a day, seven days a week without any break, they are far more reliable and secure. A central control person can manage up to 30 robots performing the work of between 2-4 staff, which not only improves the capacity planning accuracy greatly, it also minimizes costs involved in management.

Also, during unexpected load peaks - a situation common in insurance and banking, additional robots can be deployed with the simplicity of the click of a button. In addition, when processes change, retraining a single robot means other robots will learn the same process with immediate effect.