FROM UNDERWRITING TO RISK ASSESSMENT AND DATA MANAGEMENT , AUTOMATION
IS THE NEW SUPERPOWER FOR INSURANCE COMPANIES
Why automation is the future of insurance
FROM UNDERWRITING TO RISK ASSESSMENT AND DATA MANAGEMENT , AUTOMATION
IS THE NEW SUPERPOWER FOR INSURANCE COMPANIES
WRITTEN BY : JOANNA ENGLAND
Automation is a term thrown around with abandon these days . Indeed , everything seems to include an element of it , and those that don ’ t are seen as slightly archaic and of a quaintly bygone era .
Put simply , automation – a process driven by machine learning and AI technologies – streamlines processes , enabling them to be carried out much faster , and with far greater accuracy . For an industry like insurance , where the bulk of the donkey work has , for centuries , involved trawling manually through data to decipher results , automation is seen as the silver bullet to the industry ’ s inefficiencies . In the world of technology , everything moves with lightning speed , and the sheer volume of automation technology adoptions since 2020 within the insurance industry has been staggering . Even compared to 12 months ago , companies are operating within a very different business climate .
Paul Donnelly , Executive VP EMEA at Munich Re , explains : “ The pandemic and our societal response
108 September 2022