Robotic process automation (RPA) has emerged as the go-to solution for insurers looking to reduce effort and time by automating the repetitive and mundane. However, RPA has a higher-IQ successor, ushering in a new era of broader, smarter automation.
Intelligent process automation (IPA) enhances software bots in ways that mimic human perception and judgment through cognitive technologies, such as artificial intelligence (AI) and machine learning (ML). IPA heralds in new capabilities to perceive, decide and act — like never before possible. Today, an effective automation strategy requires a close review of this new tool’s full potential. In the long-run, insurers that develop a holistic automation strategy that thinks outside the RPA bot and moves toward cognitive technologies will more effectively improve their efficiency, quality, compliance and customer experience.