This report uses the CB Insights Execution & Market Strength Positioning (ESP) Matrix to analyze vendors that deliver robotic process automation (RPA) solutions in life insurance.
Why is RPA so critical in life insurance?
- Insurers undergo many manual but critical processes involving disparate systems. RPA can help streamline and automate these processes without changing large amounts of legacy code.
- In doing so, RPA can help insurers cut costs in critical departments like underwriting, claims, and regulatory and compliance, as well as expedite policy decisions.
What key outcomes do RPA solutions drive?
- Reduced time and effort on simple, manual tasks
- Reduced operational costs
- Enable employees to work on more important tasks
- Faster policy decisions for existing and prospective clients
- Expedited customer service outcomes
- Improved internal process outcomes
- Eliminate manual errors and data inconsistencies through rule-based decisions
Who are the RPA vendors for life insurance?
Given the need to reduce operational costs to stay competitive, insurers are increasingly looking to technology vendors to help them manage these efforts.
We surveyed the players in this space and have mapped the leading players using our ESP research methodology into 1 of 4 categories: Leaders, Outperformers, Highfliers, and Challengers.
The technology vendors that are ultimately featured in this ESP Vendor Assessment include:
What companies are adopting RPA solutions?
In this ESP Vendor Assessment, we look at which companies have adopted RPA solutions and mention organizations including:
- Dai-ichi Life
- New York Life
What roles or functions are buying RPA solutions?
In our discussions with RPA vendors and buyers, decisions and influence for these decisions often reside with the below functions or businesses and with these specific titles:
- Operations — chief operations officer
- Underwriting — chief underwriting officer
- Claims — chief claims officer
- Sales — chief sales officer
- Finance — chief financial officer
Want to dig deeper into the RPA market?
CB Insights clients can download the entire 54-page ESP report using the sidebar to see our full analysis of this technology market.
The full report includes discussion of:
- Market need & traction
- Market stats & data
- Rich company profiles
- Insights into customer/peer adoption
If you are looking to understand the robotic process automation (RPA) vendor landscape, readying your org for an RFP, or initiating any type of vendor selection process, download this ESP Vendor Assessment.