Over the past 18 months, I’ve engaged in insightful conversations with insurance industry colleagues regarding implementing RPA technology in my business. Throughout these interactions, I discovered a common thread in the questions posed by business owners nationwide. To address these shared queries and offer practical insights, I have crafted a post detailing real-life applications of RPA technology. Stay tuned for the upcoming video unveiling as I share firsthand experiences to empower businesses to enhance their efficiency and productivity.
Please note that this post is not solely focused on the financial services sector. RPA technology is used in a wide range of industries, including construction, manufacturing, automotive repair, bars and taverns, restaurants, general business, healthcare, main street commerce, office work, online retail, property management, startups, and technology companies. No matter your industry, you may find RPA technology to be very useful!
Understanding RPA Technology
What is RPA?
Robotic Process Automation (RPA) is a technology that employs software robots, or “bots,” to automate repetitive and routine tasks. These bots are designed to emulate human actions, enabling them to perform various tasks across different applications and systems, including data entry, transaction processing, report generation, and more.
Why is RPA Important for Small Businesses?
For small to medium-sized businesses (SMBs), RPA offers several significant benefits:
- Efficiency and Productivity: Automating monotonous and repetitive tasks via Robotic Process Automation (RPA) allows employees to focus on more strategic tasks, thereby boosting overall productivity. Additionally, it enhances employee morale, alleviating the boredom associated with performing the same tasks every day.
- Cost Savings: Automation diminishes the necessity for manual work, resulting in cost reductions in staffing and operational expenditures.
- Accuracy and Consistency: Bots carry out tasks with high precision and consistency, reducing the risk of human error and ensuring dependable results.
- Scalability: RPA can scale rapidly to manage growing workloads without necessitating a corresponding increase in staff.
How Does RPA Work?
RPA software integrates with your existing systems and applications. It can perform tasks such as:
- Logging into applications
- Moving files and folders
- Copying and pasting data
- Filling out forms
- Extracting structured data from documents
- Connecting to APIs and web services
With its capacity to efficiently handle these tasks, RPA technology can greatly improve SMBs’ daily operations, enabling them to compete more effectively in their markets.
Real-Life Example of RPA Technology at Fusco Orsini & Associates
Various deployment methods exist for RPA, including using pre-built or custom bots. Our business necessitated highly specific robot customizations, leading us to construct four bots with assistance from CTG/Eleviant to manage our tasks. We are also contemplating the addition of more bots.
Based on my experience, assigning bots to specific tasks or workflows is most effective, so we utilize four. While I’m not a bot development specialist, I understand that bots have limitations. Additionally, it’s crucial to recognize that if your business employs a CRM, AMS, or other systems, bots will typically need a ‘seat,’ and multiple seats may be needed.
I embarked on my RPA technology journey while aiming to establish a link between my CRM (Customer Relationship Management) and AMS (Agency Management System) to improve efficiency by removing the necessity for duplicate keystrokes. I also sought a bidirectional connection, knowing it would bolster our data integrity.
However, upon investigating the possibilities for developing the connection via an API (Application Programming Interface), it became apparent that the costs exceeded our budget, with a return on investment (ROI) timeline longer than expected.
After listening to my friend Jeff Roy discuss RPA technology at our annual mastermind meeting, I was inspired to investigate how it could be applied to our company. It quickly became apparent that it was an ideal match for our business model. We initiated the development of our first bot, which was designed to process our client renewal list in the AMS and transfer the data by generating records in our CRM. The development process took under three weeks, and soon, we were saving seven minutes per renewal, totaling nearly 3,500 minutes each month. This resulted in significant time savings and boosted employee morale, as the tedious task was no longer necessary.
Next, we introduced bot #2, which scans our new business CRM pipelines and generates a client profile in our AMS. This has been a great success! Once again, we’ve reduced the need for double data entry, improved efficiency, and ensured excellent data integrity. The bot guarantees a perfect match between the information stored in our two systems. After creating the record in our AMS, the bot returns the ‘Account ID’ to the CRM.
Luca Botsi
Our third bot, Luca Botsi, was created to handle client cancellations due to non-payment. Over the years, my team has expressed that their least favorite task is chasing after clients’ overdue payments. Notifying clients about impending cancellations due to non-payment is crucial in our business, as a lapsed policy would leave them unprotected. However, a thorough analysis of our data revealed that most non-payment cancellations are from repeat offenders—the same clients month after month.
Luca is responsible for handling each non-payment cancellation within our AMS. On the following business day, Luca initiates the process of notifying our client about their impending cancellation due to non-payment and, over 10 days, dispatches 3 text messages and 1 email to assist the client in resolving the issue. The messages are highly detailed, offering precise details regarding their account number, the amount due, the payment deadline, and the website or phone details for making a payment. Our clients value the thoroughness and follow-up provided by Luca, and our team does as well.
Onboarding Clients
One of the major frustrations I experienced during the first decade of our business operation was the inconsistency in client onboarding. Our team often sent out information that lacked consistency and omitted specific details for which we had trained. Our 4th bot handles this problem with ease.
With bot #4’s assistance, our team can easily create a task in the AMS, which prompts the bot to initiate client onboarding. This process encompasses generating coverage verification, establishing client portal access, and informing about value-added services, among other tasks. The bot compiles this information, drafts a formal email, and records the activity in the client’s file, ensuring consistent, accurate service without any days off.
Managing Bots for Optimal Performance
While RPA technology offers numerous benefits, it’s important to remember that it’s imperfect and requires human oversight. At our company, we ensure that each of our four robots is monitored daily. These bots generate an Excel spreadsheet every morning detailing the tasks completed the previous day. Our management team reviews these reports to ensure accuracy and address any issues promptly. This daily oversight helps us maintain high standards of efficiency and reliability in our operations.
I hope this post has provided valuable insights into how RPA technology can enhance daily operations. By leveraging RPA, small—to medium-sized businesses can achieve greater efficiency, accuracy, and cost savings. Feel free to contact me on LinkedIn if I can help you further.
