The new digital era for insurance

Tailwinds or Headwinds: Using Digital Technology to Empower Your Traditional Workforce

As we enter the Fourth Industrial Revolution (also referred to as ‘Industry 4.0’), the age of machine learning and artificial intelligence (AI), it becomes clear that insurers who are not considering incorporating Robotics Process Automation (RPA) and other InsurTech and automation technologies into their workforce are likely to miss out on opportunities for efficiency and engagement. RPA has the potential to elevate customer experience and reduce costs and errors, making it an essential step for future-proofing businesses and achieving growth. Contrary to popular belief, automation empowers the traditional workforce. Trends show that automation creates more jobs than it destroys as it allows employees to focus on more meaningful and complex tasks which require critical thinking, e.g. decision making, data interpretation, and customer insights.

Asia has recently introduced regulatory changes which make RPA and other digital technologies a favorable option in the insurance industry. The challenge will be to embrace the emerging digital technologies and incorporate them into the workflow of the company and their wider talent strategy in order to maximise its value. Ideally, if companies carry out proper change management, they will be able to host a workforce which consists of people, AI and robots working seamlessly together.