RPA
What
Is RPA Robotic Process Automation ?
Insurance businesses are using robotic process automation ( RPA ) to significantly streamline their systems and remove manual effort from simple but laborious tasks – particularly rules-based tasks , where a robot can be taught to execute and repeat certain actions . Though it ’ s a trend that started before the COVID- 19 pandemic , the pressures caused by the last few years have certainly prompted insurers to shift into a higher gear .
According to Allied Market Research , the market for RPA technology globally within the financial services sector is expected to reach US $ 4.8bn by the end of the decade – up from just US $ 340mn in 2020 . Separate research from McKinsey highlights that the
“ WITHIN INSURANCE , WE HAVEN ’ T REALLY HAD THIS NECESSITY UNTIL VERY RECENTLY TO DIGITISE ”
CHRIS MOORE HEAD OF APOLLO IBOTT 1971 insurance industry has the potential to automate 50-60 % of back-office functions by 2025 , and RPA plays into a much broader trend of digitisation industry-wide .
It ’ s a trend that is muchneeded , admits Chris Moore , Head of Lloyds ’ syndicate Apollo ibott 1971 . Speaking at FinTech LIVE London , Moore says : “ I think it ’ s undoubtedly true that we have to digitise as an industry . Too often , I will be the first to say that the customer experience is awful . I hate buying insurance myself as a consumer . I don ’ t read my policies because they ’ re too confusing , even for me in the industry .
“ What insurance has relied on is that complacency , that the customer is always going to come to us , they ’ re always going to
90 March 2023