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Robotic process automation and cognitive technologies in insurance
Automation in the insurance sector
RPA technology is seeing widespread adoption across industries, including financial services broadly. However, the insurance sector has been lagging behind banking and other financial services domains in its adoption. Insurers have just started to run pilot programs to explore the benefits that RPA can provide in automating repetitive processes. Those that have made inroads are already experiencing positive results. The benefits of R&CA, however, go far beyond just efficiency gains. The potential for R&CA across the insurance value chain is significant. While RPA is expected to act as a first step in the adoption of automation, cognitive technologies are expected to increasingly drive automation for the sector in the not too distant future.
In light of this impending transformation, it is important that insurers understand the long-term business implications of R&CA beyond robotics alone. This white paper addresses how the insurance industry will need to reconfigure its operating model and adopt a more customer-centric approach in order to capitalise on the opportunities unlocked through cognitive automation.