{"id":15170,"date":"2021-02-01T21:07:10","date_gmt":"2021-02-01T15:37:10","guid":{"rendered":"https:\/\/cigniti.com\/blog\/?p=15170"},"modified":"2021-02-01T21:07:10","modified_gmt":"2021-02-01T15:37:10","slug":"rpa-testing-travel-insurance-industry","status":"publish","type":"post","link":"https:\/\/www.cigniti.com\/blog\/rpa-testing-travel-insurance-industry\/","title":{"rendered":"How RPA can help the Travel Insurance industry grow"},"content":{"rendered":"

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.<\/span>\u00a0<\/span><\/p>\n

A recent report published by \u2018<\/span>Valuates Reports<\/span><\/i><\/b>\u2019 says \u2013 \u201c<\/span>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<\/span><\/i><\/b>.\u201d<\/span>\u00a0<\/span><\/p>\n

The world\u2019s 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 \u2013 an effective\u00a0<\/span>Travel\u202f Insurance<\/span>\u00a0Management System in place.\u00a0<\/span>\u00a0<\/span><\/p>\n

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. \u202fTo 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.<\/span>\u00a0<\/span><\/p>\n

Per a study by\u00a0<\/span>Mckinsey<\/span><\/i><\/b>, \u201c<\/span>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.\u201d<\/span><\/i><\/b>\u00a0<\/span><\/p>\n

While the travel insurance is to safeguard against the unexpected, the RPA has the potential to play a key role after a certain degree of standardization is attained. The degree of standardization can be categorized as the \u2013\u00a0<\/span>\u00a0<\/span><\/p>\n