After more than a year of testing the components of its robotic process automation (RPA) technology, developer firm WorkFusion announced that the company is making its RPA Express product available for free to enterprises.
RPA Express is a base program that allows users to expand its capability to build basic applications for the enterprise.
Adam Devine, WorkFusion senior vice president and head of marketing told
Insurance Business in a phone interview that the technology has diverse applications in insurance, such as identifying clients on the sanctions list and expediting the claims process, both of which usually involve poring through massive amounts of data.
RPA could also create efficiencies in billing and collection, cash management, account reconciliation, refunds, claims and first notice of loss, among others.
At its core, RPA allows users to “configure computer software or a ‘robot’ to capture and interpret existing applications for processing a transaction, manipulating data, triggering responses and communicating with other data systems,” according to the Institute of Robotic Process Automation & Artificial Intelligence.
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Moreover, the market is expected to reach $2.5 billion in 2022, as it has developed at a compounded annual growth rate of 30.14% between 2017 and 2022, research firm Markets and Markets estimates.
WorkFusion aims to get a healthy slice of this pie with its stackable offering, which is free at the entry level and could be graduated to premium upgrades.
“The whole objective is to accelerate a customer’s journey towards digitization of operations and RPA is the first step. RPA is the first capability that a business will use on the journey to digitization,” Devine said.
“Regardless of what RPA product someone is using, there are natural limitations to that technology and…we have the technology stack above RPA that allows businesses to graduate to more advanced, more robust technology once they’ve gotten the benefit out of RPA,” he explained.
Although the technology is still in beta, it has been extensively tested, with specific features made available through its Early Access Program, which launched in February last year, and has since attracted 2,000 users from 850 companies, according to a company statement. Devine said that there were insurance firms among the technology’s early users, and they have found useful applications for it in their organizations during testing.
“RPA Express is part of a broader cognitive services strategy to help our clients fuel growth, uncover new opportunities and stay competitive,” WorkFusion senior vice president and co-head for global delivery Sergey Yezhkov said in the same statement.
The product can be downloaded, and, depending on the user’s previous experience with RPA, it can be built on within five hours to two days of first use, Devine added.
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