In an environment with low interest rates, market overcapacity, increased competition, and growing regulations, many insurers are fighting to remain profitable. Insurers are burdened with high volume, manual work, often utilizing duplicative legacy or mismatched tech stacks to do so. Operationally, they also suffer from gaps between business processes and systems resulting in higher costs, reduced productivity, longer cycle times, and issues with quality, compliance, and service levels. The industry is also beginning to experience labor shortages as Baby Boomers age out of the workforce and millennials shy away from the profession. Robotic Process Automation, or RPA, is an ideal …
What Is Robotic Process Automation as a Service?
Software as a Service, or SaaS, has grown increasingly popular over the last few years as companies embark on digital transformation initiatives. SaaS is especially attractive to businesses looking to reduce the upfront cost, risk, and resource consumption associated with software ownership. The instant availability of new software releases also reduces dependency on IT for implementation, management, and troubleshooting. The concept of SaaS can be applied to Robotic Process Automation (RPA) as well. Recently, RPA technology vendors have started introduce their own SaaS models, known as Robotic Process Automation as a Service (RPAaaS). RPAaaS can mean different things depending on …