Automation built on robotic process automation (RPA) and artificial intelligence (AI) have seen a spike in adoption by insurers as many of these manual processes can now be automated with minimal investment and time. (Photo: Shutterstock)
The mature insurance industry was able to withstand most of the macro-economic challenges thrown at it this year. However, they are feeling the stress from savvy InsurTech companies who are introducing new products quickly and identifying new opportunities to engage with customers using the latest digital technology.
While core systems modernization has helped insurers close the gap, they are realizing that true competitive advantage can be harnessed only by moving away from legacy infrastructure and systems that are putting pressure on the business. Within insurance, routine processes like claims management, policy administration, accounting and others still remain repetitive and manual in nature.
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