Automation in insurance

Robotic Process Automation can emulate administrative tasks and workflows that are rule-based

The inaugural edition of InsurTech Integrated, convened by leading financial intelligence platform Middle East Global Advisors, will gravitate around the theme of “Harnessing disruptive technologies to thrive in a digital era”. An emerging trend, Robotic Process Automation (RPA), can emulate administrative tasks and workflows that are rule-based, repetitive and voluminous. While its application results from the routine to the revolutionary, its effective implementation can lead to enhanced applications handling, claims processing and data entry, enabling a scalable, flexible and responsive workforce for insurers. It can help in achieving about 35 per cent reduction in cost for high volume rule-based tasks. (EY, 2016). InsurTech Integrated will pioneer discussions focused on the application of advanced digital technologies like RPA and telematics and how they could be of strategic interest to insurers.
 
Digital organisation push
 

The Microsoft Asia Digital Transformation Study 2016 reveals that 92 per cent of business leaders in India believe that every organisation needs to be a “digital organisation” to enable growth for their business. This is ahead of the Asian average of 80 per cent. Indian executives also led their Asian colleagues in placing cloud computing as an important element of their digital transformation strategy. Among Indian respondents, artificial intelligence and Internet of Things are viewed as important and emerging technologies relevant to digital transformation strategies to businesses. Eighty-eight per cent Indian respondents believed cloud computing and decreasing cost of devices make it more affordable for companies of all sizes to access modern technology to gain competitive advantage — ahead of the 81 per cent average across Asia. More Indian respondents also saw virtual reality and augmented reality as technology relevant to digital transformation among organisations than the rest of Asia.