Robotic Process Automation for the Insurance Industry
Robotic Process Automation (RPA) is bringing the power of robotics to business processes to automate manual business tasks, often in combination with other technologies like Optical Character Recognition (OCR) and Natural Language Processing (NLP) to allow computers to understand and classify data automatically while initiating and streamline associated, manual workflows that can be done equally well or better by a machine. Simply put, Robotic Process Automation (RPA) trains computers to automate processing tasks traditionally done by humans.
Synechron’s Artificial Intelligence solutions for Robotic Process Automation (RPA) combine our deep domain understanding of financial services and Artificial Intelligence technologies to define business challenges that are best solved by Robotic Process Automation. Though traditional Robotic Process Automation is a powerful tool for streamlining manual workflows with high accuracy, as a standalone tool, it has certain limitations. Robotic Process Automation needs to go beyond being a tactical tool for recording and playing keystrokes and mouse clicks. As we see tools maturing, modern Artificial Intelligence techniques are coming to play as a key differentiating factor.
We believe Robotic Process Automation needs to marry with Digital to meet true strategic goals and ensure additional cognitive digital enhancements. Sytorio is the big leap toward Cognitive Robotic Processing (CRPA) to bridge the gap to digital in a more permanently transformative way. It does so by providing an end-to-end framework for creating smart process automation applications with seamless digital integration.
/ /HOW WE HELP
Automating Business Processes
Synechron’s Robotic Process Automation solutions allow financial services firms to combine Optical Character Recognition (OCR) and Natural Language Processing (NLP) into an engine that can understand content, its context and apply business rules to it to automate workflows. Synechron’s Sytorio-based Cognitive Robotic Processing Automation solutions encompass:
Business Process Management - To organize manual business processes for human tasks and approvals
Robotic Process Automation - To automate labor-intensive business processes with increased data accuracy, enhanced compliance, and full transparency and auditability
Data & Analytics - To aggregate data from multiple data sources including SQL and NoSQL databases
Artificial Intelligence / Machine Learning - To enable applications to improve performance as they are used through predictive data analytics
Digital - Provider-agnostic cloud-enabled framework, digitally enabled to take in open Application Programming Interfaces (APIs) across front, middle and back office operations
Out-of-the-box integration points enable mobile platform development, support infrastructure, allows Sytorio to serve as a back-end for IoT devices. Sytorio has additional built-in AI capabilities, such as Optical Character Recognition (OCR), Natural Language Processing and Generation (NLP/NLG), Data Classification, Image Object Detection, Anomaly detection to apply RPA to unstructured data such as voice, images and text.
Furthermore, Synechron’s Robotic Process Automation solutions enable businesses to:
Streamline client onboarding processes and related workflows
Automate general ledger entries and enhance associated data
Streamline margin call management through a digital workflow
Automatically generate pitch book content with compliance rules
Automate manual, labor-intensive business processes
Increase efficiency and turnaround time on business materials
Increase data accuracy, auditability and cost-savings
Operationalize processes for increased dependability and transparency
Enhance compliance workflows and audit trail
Identify ‘winning’ content and usage trends to optimize performance
/ /THE WORK WE DO
Synechron’s InsurTech Accelerators focused on Robotic Process Automation are designed specifically to provide applications that can be applied to various scenarios which lend themselves well to Insurance solutions.
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