Banks and Insurers that Leverage Content Intelligence Cloud Set up RPA for Success

September 16, 2021

7 minute read

COVID-19 and the digital transformation boom have taught us that agility is vital to long-term success.

Savvy leaders are seizing every opportunity to become more nimble since agility leads to greater customer satisfaction, increased profits, and stronger brand relevance in an increasingly digital economy. Robotic process automation (RPA) is one tactic that can boost agility and enable traditional companies to compete with digital-born competitors. 

Given the high volume of repetitive tasks banks and insurance companies deal with daily, implementing RPA Software makes sense. Since intelligent RPA solutions emulate transactional and clerical, rules-based tasks, employees can spend more time executing high-growth business strategies, delivering enhanced customer experiences, fueling innovation, and improving morale.
One caveat is the quality of data these systems require to deliver maximum ROI. According to Gartner, enterprises need more than just RPA because RPA functionality requires structured, digital data to operate and process insights that lead to hyperautomation. Given that 80% of corporate data is unstructured—content that isn’t searchable—enterprises need AI-driven Content Intelligence Platform for RPA to transform complex unstructured data into fuel for RPA software solutions.
Read on to learn about the unique challenges bogging down banks and insurance carriers and how RPA can help level the playing field.

Banking Priorities

Banks are focused more than ever on improving customer experiences and meeting compliance with greater confidence. If either of these is in jeopardy, today’s discerning customers will simply take their business elsewhere. Financial services companies that turn to RPA solutions for help can expect to:
  • Onboard customers faster
  • Reconcile KYC documents against customer information to flag discrepancies
  • Meet compliance requirements faster
  • Eliminate mistakes associated with manual processing 
According to Gartner, around 80% of finance leaders have implemented or are planning to implement RPA.

Insurance Industry Priorities

Insurers are also intent on delivering a richer customer experience and enhancing product innovation. An added benefit of automation is that it facilitates communication between legacy and newer systems, which is particularly beneficial to insurance companies and requires few resources. With RPA, insurance companies will also be able to:
  • Process claims faster
  • Address service requests in real-time
  • Analyze multiple data sources to offer value ads
  • Deliver competitive rates and policies
If leaders want any hope of gaining market share, both industries need RPA to streamline workflows that deliver better customer experiences, support compliance, and promote product innovation.

Persistent Obstacle Facing Banks And Insurers

The day-to-day operations of banks and insurance companies are heavily dependent on data. In fact, the burden of unstructured data is growing every year and is in direct conflict with what RPA Automation Solutions can achieve.

Buried Under Mountains of Data

Data is tethered to the many repetitive, mundane tasks associated with banking and insurance companies. From onboarding customers to processing claims, documents and contracts are central to many financial services and insurance enterprise processes, products, and services. If the vast majority of valuable information is hidden in emails, PDF documents, and even in paper contracts, bots will be unable to access and utilize that information.
Expecting software bots to streamline essential workflows without fueling them with clean, structured content is short-sighted and limits ROI.
Companies need to transform legacy and net-new data into searchable, structured content that seamlessly flows through bots.

Competing With Digital-Only Entities

Traditional banks and insurers have their work cut out for them if they expect to compete with digital startups. These rising stars have the luxury of being unburdened by unstructured data because they don’t have any.
Moreover, online banks and insurance companies don’t have to convince skeptical leaders of the benefits of RPA, since they were built on Intelligent Process Automation. As a result, these young companies are inherently agile and able to deliver better customer experiences and make decisions faster than their predecessors.

Let’s Explore Rocket Mortgage

RPA, artificial intelligence (AI), and machine learning (ML) make it possible to take a client’s information, analyze it for risk, and identify conditions a client needs to meet to obtain an approved loan. Take Rocket Mortgage as an example. Quicken Loans’ Rocket Mortgage platform asks prospective customers several personal questions and then integrates those answers with the applicant’s bank to surface relevant information. The process is entirely digital and eliminates the need for paperwork.

Automated underwriting enables Rocket Mortgage to approve a loan application in eight minutes, completing the entire process from start to signature using nothing more than a smartphone.1
Rocket Mortgage reduces costs associated with manual underwriting and ensures a sleeker customer experience with fewer to no errors. RPA delivers a win-win: bots complete a significant portion of the loan process for banks and streamlines the application process for borrowers.
Expediting the mortgage loan application and approval process for future homeowners is top of mind for incumbents, who are fighting to retain market share against nonbanks and alternative lending startups.2

Lemonade Insurance is Blazing Trails

Lemonade's clever tagline is “Forget everything you know about insurance.” Indeed, the company’s entire offering—homeowners, renters, pet, life, and car insurance—is based on AI. There are three primary bots that engage with customers:
  • Bot Maya is a virtual assistant that collects customer information, provides quotes, and issues payments.
  • Bot Jim is a virtual claims assistant that can process approximately one-third of cases. For the remaining issues requiring human intervention, Bot Jim has already executed much of the legwork.
  • Bot CX fields customer questions.
By implementing artificial intelligence and machine learning directly into its model, Lemonade keeps its costs low and brings savings back to the customer.3

Incumbent Companies Have Choices

Being slow to adopt RPA will make it nearly impossible for traditional companies to stake a claim and compete against next-generation AI companies in either banking or insurance. Adlib’s Content Intelligence cloud has five essential steps to empower enterprises to find, transform, and apply Unstructured Data to get as much out of RPA as possible.
  1. Automation makes it possible to discover unstructured data across an enterprise regardless of location or format.

  2. Utilize OCR or create PDFs to generate content that can be searched for, read, and analyzed by RPA systems. Converting unstructured data enables companies to extract more significant ROI from these systems. 
  1. Build trainable AI models that categorize and meta-tag documents faster and more scalable than humans can perform with fewer errors.

  2. Classified, metadata-rich content can be analyzed, sorted, and filtered to surface data-driven insights that fuel innovation and intelligent decisions.

  3. Clean, structured data is automatically delivered to the people, processes, and technology that rely on it to improve customer experiences, meet compliance, and increase profits.

The Final Verdict

What digital banks and insurance companies have in spades is agility. However, leveraging automation and making smart decisions faster is not exclusive to startups. Any company willing to do essential digital transformation work can make significant strides in overall business performance. Tending to unstructured data with Adlib’s AI-driven Content Intelligence for RPA platform presents an opportunity for banks and insurance carriers to give digital upstarts a run for their money.

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