The Top 3 Digital Imperatives for Insurers
Insurtech firms have caused an upheaval in the insurance industry. It's about time for insurance incumbents to take a fresh look at how to apply new digital capabilities.
Automation is poised to transform an industry where many employees perform repetitive, mundane tasks using structured data. While RPA can be a great way to start the process automation journey, insurers that want to achieve scale and benefits require a strategy that analyzes end-to-end processes and determines how they can best be optimized using a wide array of new automation technologies.
Intelligent process automation (IPA) enhances software bots with cognitive technologies that mimic human perception and judgement. These include artificial intelligence (AI), machine learning (ML, a more advanced type of AI in which a computer improves its performance without being explicitly programmed to do so) and automated case management. These solutions can automate a wider range of activities and result in greater cost reductions than bots alone. IPA also offers a wide range of other benefits, including improved efficiency, quality, compliance and customer experience.
This white paper explores how insureras can accelerate their automation initiatives and better quantify benefits, suggests an automation strategy, and includes examples and case studies.