How RPA can help the Travel Insurance industry grow

1. How RPA can help the Travel Insurance Industry Grow

2. How RPA can help the Travel Insurance Industry Grow It has been close to a year since the WHO declared Covid-19 as the global pandemic. Like most of the businesses, the travel industry was one among the worst hit. However, it did not thwart the growth of the travel insurance sector. A recent report published by ‘Valuates Reports’ says – “The global travel insurance market size was valued at USD 19.2 billion in 2019 and is projected to reach USD 39.3 billion by 2027, growing at a CAGR of 17.4% from 2020 to 2027.” The world’s best travel insurance companies such as Travelex Insurance Services, Allianz Travel Insurance, Seven Corners Inc, IMG, World Nomads, AIG Travel Guard, Generali Global Assistance have one thing in common – an effective Travel Insurance Management System in place. To stay at the top of the competitive market, it is imperative to have a robust travel insurance management system, empowered by disruptive technologies, which would cater to ever changing demands and needs of the customers.  To attain this, there is a need for a comprehensive Test Automation framework that can standardize every feature of the product line and ease the process. Per a study by Mckinsey, “The insurance industry has the potential to automate 25% of the process by 2025, and most of its automation potential comes from operational processes where Robotic Process Automation (RPA) can help.”

3. How RPA can help the Travel Insurance Industry Grow • The cognitive part of the work will be automated when intelligent insurance test automation solutions are combined with RPA and powerful AI capabilities. While 30% of the automated process requires exception handling, these solutions can empower the exception handling capabilities through a human-in-the-loop approach. • The successful implementation of an intelligent test automation program can reap benefits to any organization leveraging travel insurance solutions. A 100% ROI can be expected within the first year of implementation and they can potentially allow enterprises to – • Achieve 100% regulatory compliance • Achieve 90% accuracy • Increase overall profitability up by 50% • Considerably reduce the cost of automated job functions • Increase the efficiency • Drastically reduce manual intervention • There are several automation challenges as most processes in insurance are unstructured, high in volume and are too complicated for a traditional RPA to handle. While adding more bots over time can build a scalable automation program, it is practically not viable. Introducing intelligence bots is the solution to these practical challenges in Test Automation. They not only help in scaling the number of deployed bots but also add value to the work they perform.

4. How RPA can help the Travel Insurance Industry Grow • While the potential for Test Automation in the travel insurance sector is limitless, one should have an understanding of where and how to start the automation program. They should also have a deep knowledge on the areas that are most viable for end-to-end test automation process in travel insurance. • At Cigniti, we can help – • Find the right use case for your test automation needs in travel insurance • Train the bots on your data without the need for data scientists or ML engineers • Deploy and see the real value of your bots working in production and bringing real value in weeks, not months. • Need help? • Talk to our RPA experts. They will help you provide a solution for your business and will demonstrate how to scale the Test automation further to create a robust Travel Insurance Management System. • Read Full Blog at: • https://www.cigniti.com/blog/rpa-testing-travel-insurance-industry