The Future of RPA in P&C Insurance
An Insurer's Perspective
Digital acceleration, if it wasn’t in the property casualtyinsurance vernacular prior to the pandemic, is now. Layer in the disrupting waves that are hitting the shoreline of property casualty insurance such as hyper-personalization, bundling insurance with non-insurance products and the growing use of artificial intelligence and it’s clear the industry is on the cusp of transformation. The newly virtualized world and the transformative influences of new technologies on the horizon fuels the need for digital agility, cost optimization and increased operational efficiency. Many in the industry are turning to Robotic Process Automation (RPA) to fill this need.
Celent surveyed numerous property and casualty insurers that are part of our research panel to see how advanced they are in the application of RPA. Most of those who responded not only use RPA today but plan to expand their investments in 2021. Insurers are realizing a wide array of benefits from the application of RPA. These include improved return on investment (ROI), increased data quality, faster claims processing, and enhanced customer experience, as well as the cost reductions and increased operational efficiency for which RPA is known. Throw artificial intelligence or machine learning into the equation with unstructured data, and you can extend data processing automation to images, emails, and so on.