THE FUTURE OF INSURANCE
AUTOMATION
Insurance is a market rapidly being disrupted
through the use of digital innovation and investment
through "insurtech."
Tasks, traditionally performed manually, are being
transferred to digital channels through targeted
investment (e.g., capturing customer data via
mobile devices, submitting claims online, real time
underwriting and risk modeling etc.).
From underwriting to claims to risk management to
broking, insurance will become increasingly 24 / 7,
mobile and automated.
An explosion of data from connected devices,
sensors, and social media is providing firms the
opportunity to segment customers, target products,
and provide claim payments in convenient formats;
underwriting and risk modeling is also becoming
real time.
RPA will play a more significant role in helping
companies deal with large volumes of requests,
data, and interactions in a 24/7 global business
world; we can expect many more businesses to
harness RPA's capabilities over the next five years-
it just makes business sense.
In the future, RPA will be able to perform more
complex tasks. Technology firms will be able to
improve the cognitive capabilities of RPA (e.g.,
integrating RPA with Google, machine learning and
artificial intelligence).
RPA will be able to learn on the job, becoming more
than rules-based; it will also become more tailor-
made for companies' needs. While some jobs will
be displaced, others will be created to shape the
industry of the future.
