Insurer robots are coming

 
 

New technologies and changing customer expectations are driving insurance market into such a rapid change that has never been seen before. As a result of their interactions with companies like Amazon, Uber or Airbnb; customers are expecting more options, more flexibility and better communication that understands their perspective. In its ‘Automated Insurer’ report, KPMG lists the advantages of ‘intelligent automation’ process as one of today’s business obligations.  Intelligent automation does not only help insurance companies improve the waiting times for customers or steer their qualified employees towards more important missions, but also increases service quality, auditability, and employee satisfaction.


Managers are worried
KMPG’s latest CEO Outlook research revealed that the managers of insurance market are worried about technological changes. 86 percent of the CEOs who participated in the survey stated that they tried intelligent automation in their markets to a limited degree. Although they are aware of the ongoing change, a very small part of insurance managers said they completely opened up their companies to intelligent automation.


How will workforce be impacted?
Sinem Cantürk, Financial Services LoB Executive at KPMG Turkey, emphasized that robotic automation in insurance should be planned by considering its potential impacts on the human workforce. Cantürk said: “People are unfoundedly worried that the change will result in bulk dismissals; however, companies should have a good understanding of the impacts of such a change on their organizational structure.” She said that intelligent automation would have limited impacts on companies if it is implemented to a small scale; but it should rather be spread out to entire organization, considering its long-term benefits.
The report underlines that intelligent automation delivers 5 critical transformational benefits:

  1. Productivity and performance: Software and algorithms are not subject to the same challenges as human employees. Unlike people, robots do not take vacations or become ill, but work 24/7. On average, insurers leveraging robotic process automation can reduce operations handling time by 40 percent.
  2. Employee Satisfaction: By automating routine, manual and repetitive tasks, human employees can focus on more strategic and rewarding work. This means that each employee provides more value to the organization during their working hours.
  3. Scalability: With intelligent automation, software robots can instantly scale up or down to respond to current demand; and do not require overtime pay for top performance during peak times.
  4. Quality and Reliability: Software robots perform consistently and reliably, solving problems the same way every time. This reduces or eliminates the impact of human error on routine processes.
  5. Auditability: Robots create the perfect audit trail. This level of record-keeping is especially in light of the increasing regulatory burden both nationally and internationally.

 

 

 
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