Will Robotics and Cognitive Automation Transform Insurance?
In all areas of insurance including product development, sales, underwriting and claims, robotics and cognitive automation is becoming an important concept to differentiate your company from others in the insurance industry.
In a new Deloitte paper on this subject, the authors describe a changing world of insurance utilizing robotic process automation (RPA) including robotics and cognitive automation (RCA). The RPA market has been growing rapidly at a compound annual growth rate of 60.5% from 2014, and is expected to reach US$5 billion by 2020, according to Transparency Market Research. 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, the authors say.
In our areas of practice involving catastrophic personal injury claims, RCA is informing and evolving our predictive models to deliver clients more immediate value to trigger resources earlier in the adjudication and settlement process.
The paper addresses how the insurance industry will need to reconfigure its operating model and adopt a more customer-centric approach in order to capitalize on the opportunities unlocked through cognitive automation. To read the new report packed with insights for insurance executives, please click here >>