Intelligent Automation (IA), the combination of artificial intelligence and automation, is rapidly becoming mainstream in nearly every sector of our economy.
Companies are using IA to improve operational efficiencies by performing repetitive tasks far more quickly and accurately.
While industries such as Financial Services and Retail have tapped into the potential of IA, its adoption across the insurance sector has been slow.
There are ongoing efforts within the insurance sector to catch up. However, I believe there is untapped potential in applying these same technologies to the heart of the insurance business in the following areas:
New Business Acquisition and Underwriting
Modernizing The Life Insurance Products Development Process
A large number of the insurance policy administration systems (IPAS) in use today were implemented over 40 years ago. When the systems were originally conceived and developed, many of the business drivers and technology opportunities being pursued today were not known.
As a result, the IPAS have been modified to meet the needs of a changing business and extended through other interfaces, neither of which the systems were designed to support.
Life, P &C, and Group insurers face more significant market headwinds than ever before. Insurers must simultaneously lower operating costs, improve customer experience, comply with new and existing regulation, accelerate time to market on new products and adapt to the current disruptive technology trends.
For insurers, the pandemic turned risk into actionable events that have become top priority overnight as they reduced processing times, anticipated customer needs and created individualized experience in near real-time.
As IoT hyper connectivity, automation and analytics have emerged as the key drivers of the future of work, machines will take on more work and transform jobs at an amazing rate.
As machines do more, ushering a new era of skills tailored for human/machine-powered teams, insurers can expect the AI led transformation to change the nature of work and accelerate the disruption.