Cognitive automation can shake up insurance sector

THE insurance sector is increasingly seeing the strategic benefits of adopting Robotic Process Automation (RPA) in business processes. The technology, also known as a common form of intelligent automation, leverages basic AI to perform routine tasks and operations. Using software with rule-based triggers, RPAs or "bots" enable businesses to streamline administrative tasks, reduce the margin of error from data entry and minimise an organisation's reliance on forms.

Intelligent automation such as RPA can help to alleviate these operational burdens by accelerating the digitisation of processes without a complete overhaul of fragmented IT platforms in the short term. Instead of requiring a whole new setup, the technology operates on the surface level of an insurer's system by imitating human keystrokes and mouse clicks. RPA is a friendly entry point for insurers to implement as the software is non-invasive, complementary to existing systems, and can be set up with ease.

Global forecasts indicate that the IT-enabled RPA market will reach US$4.98 billion by 2020. This is especially meaningful as the industry takes a significant step towards the digitisation of insurance, one of the world's oldest trades.