Job automation has shaped cultures and economies since before the agricultural revolution, throughout industrial revolutions and into the current digital age. The insurance industry is not immune, with automation and innovation continuing to drive the scope for significant change.
Traditional automation has been transformative in automating simple, repeatable tasks in back-end processes. Robotic process automation (RPA) combined with artificial intelligence and machine learning capabilities can be, and are being, used to automate high volume and high frequency tasks that have traditionally required human intervention.
In this paper, Milliman’s George Barrett, Claire Booth and Tanya Hayward discuss how automation has affected—and will affect—the nature of insurance companies’ processes and the nature of their clients’ needs. They cover numerous examples of how automation and RPA are transforming the way insurance companies operate and discuss the impact of job automation on insurers.