Robotic Process Automation is Here to Stay: Novarica

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RPA remains an effective and cost-efficient temporary fix for poorly integrated systems

Boston, MA (Dec. 5, 2017) – Robotic process automation (RPA) continues to garner interest in the insurance industry. RPA is the use of software and algorithms to simulate human actions in existing systems. As IT leaders continue to navigate the trade-offs between cost optimization and infrastructure optimization, RPA boasts considerable value as a short-term fix for poorly integrated platforms.

RPA is frequently miscategorized as an example of applied artificial intelligence technology, and there are no actual robots involved in the physical sense. Rather, the term refers to the way RPA software mimics human behavior. That being said, many RPA vendors are leveraging AI and machine learning to enhance their offerings. Some vendors are shifting the message about RPA towards strategic transformational use cases, but the reality in the insurance industry is that RPA is currently used as a tactical integration technology.

In a new brief, RPA in Insurance: Overview and Prominent Providers, Novarica provides a detailed overview of RPA technology, discusses prominent solution providers working with insurers, and suggests approaches for selecting RPA solutions and service provider partners.

“RPA can serve a cost-efficient, short-term solution for poorly integrated platforms. When legacy or siloed systems create a need for humans to manually transfer data, an RPA investment can be a quick way to reduce errors and move humans to higher value tasks,” says Jeff Goldberg, Senior Vice President of Research and Consulting at Novarica, and lead author of the report. “It’s also a non-intrusive approach that avoids changes to core systems, some of which might have difficult-to-maintain legacy code or inaccessible APIs.”

Prominent providers of RPA platforms and tools highlighted in the brief include: Automation Anywhere, Blue Prism, Conduent, EdgeVerve (Infosys), EnableSoft, Jacada, Kofax, Kryon Systems, NICE Systems, OpenConnect, Pegasystems, UIPath, and WorkFusion

The full report is available from Novarica.

About Novarica

Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. For more information, visit www.novarica.com.

SOURCE: Novarica

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