RPA Startups Shaking Up the Insurance Industry
Robotic Process Automation (RPA) is a simple form of AI in which a task is automated and can be consistently performed and repeated with efficiency. Companies that specialize in RPA create these programs so that they may be applied to mundane computing tasks in large scale business operations. This simple yet effective programming technique has made it possible to easily and quickly implement intelligent automation without the complexities and difficulties faced by traditional AI systems, revolutionizing the way we approach basic computer processing.
Why Companies Are Implementing RPA?
RPAs can be used by many organizations and for a variety of uses. The simple structure of an RPA program means that it can apply to just about any industry that uses computing in some way. To understand the ways in which companies utilize RPAs, it's important to understand how RPAs work. Unlike AIs, which need time to implement machine learning techniques and refined tuning, an RPA program observes a user doing a task on an operating system then copies that task and does it in the approximate way it was portrayed by the human user.
RPA Use Cases
Some examples of this include Banks, which use RPAs to aid in their claims processing, but this can also be applied to Insurance companies and their claims processing too. The versatility of RPAs means they can be implemented in most companies; a few more examples are Walmart, AT&T, and Walgreens. This is because RPAs are most often tasked with learning and repeating the same actions again and again. For more use-cases, check out the article What Is RPA and How It Is Changing Enterprise.
The Startups Shaping RPA
Catalytic - a SaaS intelligent automation platform that can remove as much as 50% to 100% of manual data processing tasks. The platform has 200+ actions that enable business users to rapidly build an intelligent automation layer to process data, documents, emails, websites, and systems by coordinating people, bots, and AI. In addition to reducing manual effort, it shortens cycle time to a fraction of the original, and improves accuracy to nearly 100%.
netinsurer (HKR GmbH) - Founded 2014, netinsurer offers a software for insurance distribution and intelligent automation of insurance processes. They help companies to create innovative structures and processes that help them to be well-positioned in the long term. They uniquely combine this with the new netinsurer methodology for efficient project implementation.
Education Bot (swivl) - Integrating AI fully into your product is a complicated process. It’s hard to figure out how to get started, there’s a lot of technical know-how to learn, and even once you’re all set up, it’s hard to visualize, understand, and improve upon. Most people don’t stand a chance. That’s why swivl has been created, to give more people the ability to invent the next wave of intelligent experiences.
Kryon Systems - Founded in 2008, Kryon Systems delivers innovative, intelligent Robotic Process Automation solutions enabling digital transformation for enterprises. Using patented visual and deep learning technologies, their flagship intelligent RPA platform allows companies to automate business processes quickly and easily. This ensures immediate productivity gains with close-to-zero error and cuts implementation time by 80%, reducing costs and generating significant ROI results.
Automation Anywhere - A platform that empowers people to focus on their work by automating virtually a range of business processes including procure-to-pay, quote-to-cash, HR administration, claims processing, and thousands of other front and back-office processes.
Stellar Health - A technology company that helps healthcare providers and insurers improve quality (Star Ratings) and financial (Medical Loss Ratio) performance by prompting providers with recommended actions and new payments at the point of care.
Datalog.ai - AI platform that provides a breadth of functional and industry-specific management consultancy insights. They enable smarter processes with Intelligent Process Automation (IPA), anticipate changes in market events and create new ways to interact with customers, personalizing services based on individual needs.
Robotic Solutions - Robotic Solutions is converting existing manual machinery into robots. They created Robox - a self-driving kit to make existing manually controlled machinery autonomous. Robox is a 3-step solution that consists of localization for machine positioning indoors, automation which takes away the human operator and has the ability to work together in teams.
AntWorks - A global artificial intelligence and intelligent automation company, that creates new possibilities with data through digitisation, automation and enterprise intelligence. They are the world's first and only Integrated Automation Platform (IAP) powered by fractal science principles and pattern recognition that understands every data type.
Skan AI - A cognitive technology startup redefining business process discovery to empower large enterprises to uncover, untangle, and unleash their business processes. Skan cognitive engine compiles process models out of the digital footprints and generates a digital process twin, which can be used for driving automation, digital transformation, precision training, process re-engineering, among other use cases.
WorkFusion - The complete automation solution for global operations, combining into one platform the core capabilities to digitize complex business processes: business process management (BPM), robotic process automation (RPA), workforce orchestration, and machine learning-powered cognitive automation.
What To Expect in 2020?
The RPA market is expected to max out in 2020, topping off at $1 billion. This is an incredible rate of expansion when considering that in 2018 only 10% of large companies had implemented RPAs, while in 2020 the rate of adoption will be up to fourfold to 40% of large companies. This remarkable expansion is likely due to the low costs of the implementation of RPAs and their unique versatility.
RPAs more than make up for their initial costs through the savings earned by displacing employees. In general, this displacement is positive for the company as it helps disperse talent to other sectors, especially since RPAs have a better record of accuracy and speed when compared to their human counterparts. RPAs are here to stay, and there are more than a few good reasons to embrace them.
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