In the insurance industry, intelligent process automation and robotic process automation can optimize business processes and increase workforce productivity and efficiency. The result is a great customer experience and improved operational efficiency.
But the devil is in the details.
What is robotic process automation (RPA)?
Robotic process automation (RPA) uses software or so-called robots to automate individual tasks typically performed by humans by mimicking their interactions with software systems. Think about an Excel macro recorder that performs a series of actions on a spreadsheet. Except, in this case, it works with screens and not just a spreadsheet.
What is intelligent process automation?
Intelligent process automation focuses on entire processes and workflows and can be more advanced than robotic process automation.
STREAMLINE is Metromile Enterprise’s proprietary intelligent process automation platform that focuses on digitizing and automating an insurer’s customer interactions and internal claims processing workflows end-to-end. It completes this work simultaneously, so it can be more efficient than robotic process automation.
Compared to robotic process automation solutions, STREAMLINE enables faster and more seamless execution of customer and third party-facing workflows and decision-making. Contrast this approach with robotic process automation, which typically excels at simple functions like faster or automated data extraction or data entry tasks.
Here’s the side-by-side comparison of STREAMLINE and RPA in the context of how a P&C insurer could utilize the technology in their claims organization:
The bottom line
It’s essential to have a defined end goal from the beginning to drive success for your automation projects.
The first step is to achieve an internal consensus on specific business goals and key performance indicators for your claims organization. For example, you may want to consider big-picture end goals such as:
- Claims handlers handle 20% more claims each month with increased productivity
- Increase claims customer satisfaction scores by 8 points in the next 12 months
Only once you have these goals in mind can you decide whether it makes sense to consider intelligent process automation like STREAMLINE or robotic process automation and assess what makes sense for you.
At Metromile Enterprise, we offer a proprietary touchless claims experience platform using industry best practices and workflows so that you can quickly realize all of the benefits of claims automation.
Contact us if you would like to learn about how we’re helping other P&C insurers fast track their claims innovation roadmap and enable a modern, digital claims experience for their customers.