One example of a successful implementation of RPA is in the insurance industry, where companies are using RPA tools to automate their claims processing procedures. One such case study involves a major U.S. insurance company that was struggling with a high volume of claims and a long processing time, which was resulting in frustrated customers and high costs.
The company implemented an RPA solution that could automate the entire claims process, from initial intake and assessment to final settlement. The RPA solution was designed to extract data from multiple sources, including paper forms, email, and digital documents, and use that data to make decisions and complete tasks automatically.
The results were impressive. The company was able to reduce the time it took to process claims by over 50%, from an average of 10 days to just 4-5 days. The RPA solution was also able to reduce errors and improve accuracy, leading to fewer customer complaints and higher customer satisfaction rates. Additionally, the company was able to reduce its labor costs by over 30%, as fewer human resources were needed to process claims.
Overall, the implementation of RPA helped the insurance company to streamline its claims processing procedures, reduce costs, and improve customer satisfaction. This is just one example of how RPA can be used to improve business processes and achieve significant results.