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27 October 2021

Intelligent Automation in Insurance

Abstract

In the insurance industry - where profit margins vary widely based on catastrophes on the property casualty side and are usually razor thin on the life side - improving operational efficiency, even by the smallest of increments can have a highly beneficial impact. Fueled by digital acceleration, many insurers are turning to intelligent automation to optimize and digitize operations. However, insurers are continually challenged with identifying new ways to invest in automation to improve operations with high return value such as the customer experience, with the ultimate goal of reducing costs and improving profitability.

The tsunami of digital acceleration on insurers’ technology agenda has been unprecedented in the insurance industry since early 2020. The pandemic has spurred more drive for automation in insurance than any other event I can think of—and has created a unique opportunity for insurers to digitize the way they do business. Many insurers with whom we have spoken with are elated with the focus on digital automation and the shift in capital budgets to back it up. In this report we examine how digital acceleration has advanced the investment in and application of intelligent automation and how the combination of RPA and AI improves operational efficiency. We also look at key areas of investment including data and analytics, customer experience, underwriting, and claims.