Digital Technology
Aug 04, 2017

Genpact Cora: Putting bot power to work for the insurance sector

August 4, 2017 -

The digital core of RPA

Defining Digital in Insurance Operations gave you the big picture of how Genpact Cora can benefit the insurance industry. Next, I'll take a deeper dive into each component of Genpact Cora, starting with one of the hottest technologies right now: Robotic Process Automation (RPA).

Back in the day . . .

RPA isn't new. As far back as the early 1990s, screen scraping could move data from mainframe systems to various formats including spreadsheets. While that was useful, the tech was unstable at best. Next, macros became the last word in RPA, but they were also unstable—and they really didn't add much panache or functionality.

That was then. Today's RPA has come a long way since screen scraping and macros. Created using software tools such as Automation Anywhere and Blue Prism (for example) bots can interact with applications to perform almost any function a human can. What's more, RPA software vendors have added functionality that even allows bots to read documents like emails and PDFs. That's real power. When bots are combined with machine learning and AI, as we do with the Genpact RAGE Frameworks, they adapt and react even as things change. 

Insuring results with RPA

Bots can work wonders in the insurance industry. Here are just situations where bots are adding value:

  • Customer service: Call-center chatbots can fill basic online customer needs—e.g., providing certificates of insurance, or helping to navigate websites
  • Quotes: Bots can interpret e-mail quotes, enter all the details into quoting systems and generate return e-mails with responses. That's a real time-saver when quote requests must go to multiple markets—each one likely using a different system
  • Claims litigation expense management: Bots can pull legal invoice details out of e-mailed PDFs and enter them into claims and AP systems
  • Data migration: Bots can move data from legacy systems to new systems. It's not a great idea to do this in a wholesale manner, but it's an efficient way to move special-circumstance data, such as low volume policies, or to convert on-demand claims
  • Finance and accounting: RPA is making F&A more efficient in many ways. For example, it can automate AR and AP invoicing by reading document data and entering it. This also reduces the risk of bad behavior, because bots don't know how to be unethical

Easy does it

As you start you RPA journey, keep these lessons in mind:

  • Governance comes first: RPA technology is easy to use, so you can create bots quickly. But without the right governance in place that determines when to use RPA and how to manage it, you'll run into problems. Remember when web services were new? I once debugged a web service that called three others—the third of which called the first one
  • Don't over-engineer early on: The day will come when you'll create something amazing with RPA. Day One likely isn't that day. Avoid doing too much too early. Learn how to use the tools. Practice, then move forward
  • Fix the process first: Automating a bad process won't fix it—and the opportunity costs can be significant if you start with something faulty

RPA is coming into its own in the insurance industry. Properly used, it can bring down costs, increase efficiency, and reduce errors. Apply it well, step-by-step—and see how the benefits accrue. 

About the author

Frank Neugebauer

Frank Neugebauer

VP, Digital CTO for Insurance

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