Intelligent Automation Is Shaping The Future of Insurtechs
Intelligent automation specialist SS&C Blue Prism has developed the technology and services to power success for over 35 years. Based in the UK, US and Australia, the technology company develops industry-specific solutions from the alternatives space to healthcare to wealth management, leading the way toward the future.
Jerry Wallis has been working for enterprise IT vendors for over 30 years — SS&C specifically since 2017 — having held a variety of roles leading solution consulting and value engineering teams across the UK and EMEA. As Head of Industry for EMEA, Jerry now oversees SS&C Blue Prism’s intelligent automation solutions strategy for customers across industries such as insurance, financial services, healthcare, and manufacturing. He sat down with InsurTech Digital to share his expert insight around how intelligent automation is a key pillar to the digitisation of the insurance industry.
The insurance industry is currently undergoing digital transformation - what is pushing this?
The increase in the frequency of natural disasters occurring across the globe is a major contributor to the unique challenges testing the insurance industry in 2024 and beyond. For instance, the US experienced 23 separate billion-dollar weather and climate disasters in the first eight months of 2023. Coupled with inflation jumps, consumers and businesses are relying on insurers more than ever, driving up premiums to cater for the significant protection gap.
Demographic shifts and changes in social contracts have also added to a US$1.4tn – and growing – shortfall in health insurance coverage, retirement savings and life insurance. Consequently, insurers must think faster and differently in rapidly changing markets and are moving towards launching new online or cloud services. These are driven by artificial intelligence (AI) using new underwriting models and distribution channels to appeal to new customers.
How is AI adoption causing some companies to struggle digitally?
Many insurance companies have started their digital journey with AI and data analytics through Business Process Management (BPM), chatbots, and customer portals to become more cost-effective and customer-centric. Although the increased adoption of AI-driven policy calculators and application processes demonstrates a great mindset shift for the industry, some firms are struggling with how to implement these technologies enterprise-wide, hindering growth.
In a recent survey, Deloitte interviewed 100 Chief Information Officers of life insurance and annuity firms in the US who have started modernising their core systems. The survey revealed that only 20% have completed some of their initiatives, and only 12% have completed all. Just over two-thirds have projects currently underway or in the planning stage.
What is intelligent automation?
Intelligent automation (IA) is a combination of cognitive technologies, such as; robotic process automation (RPA), artificial intelligence (AI), business process management (BPM, process intelligence, no-code development, natural language process (NLP) and machine learning (ML), that together can streamline and optimise business processing and decision-making.
Digital workers are the frontline to IA, working together to help organisations deliver transformative results across the enterprise. Successful implementation of IA will allow businesses to see a drop in cost alongside growth in productivity and customer experience.
With a good IA solution, businesses can fast-track their automation journey as well as scale it across their enterprise. Using insights from data and its predictive analysis capabilities, IA can automate business processes and improve the effectiveness of workflows.
How is intelligent automation shaping the digital transformation of the insurance industry?
With insurers having to think progressively faster in rapidly changing markets, they are turning towards launching new online or cloud services driven by artificial intelligence.
The insurance industry is perfect for increased digitalisation and automation. From diminishing investment returns, vast workflow and growing data volumes, competitive encroachment from non-traditional players, changing customer expectations and rapid advancement of new technologies, it is clear the insurance marketplace is transforming. To tackle these issues there is a need for increased digitalisation and automation in the insurance marketplace.
Business process management (BPM) gives you total visibility of your business processes to help businesses orchestrate and manage their work. This is imperative for scaling. SS&C Blue Prism Chorus offers a full BPM suite for managing roles and rules and gathering insights on operational analytics.
What benefits can companies find by adopting intelligent automation?
Ultimately, IA is essential for the successful operation and longevity of your organisation in a digital-first era. With the implantation of intelligent automation, companies can ensure that their organisation has the agility and speed to respond to market conditions as well as the ability to provide a personalised customer experience.
Intelligent automation is not about removing humans from the equation completely, its importance lies in liberating talent to focus on higher-value, strategic activities that can push an organisation to further achievements.
Organisations that embrace IA will find themselves able to capitalise on success, with the ability to adapt, innovate and respond to fast-paced markets.
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