How RPA can help the Travel Insurance industry grow

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How RPA can help the Travel Insurance Industry
Grow
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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 worlds 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.
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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.

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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-in
  surance-industry

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