How is the adoption of technologies such as Artificial Intelligence (AI) and Robotic Process Automation (RPA) optimising the future growth of the insurance industry? How is it performing against the industry’s regulatory challenges?
“While RPA, AI and customer analytics present significant growth opportunities for the insurance sector, the benefits will only manifest if insurers identify the correct automation opportunities and utilise the analytical insights to drive continuous improvement,” a blog post by WNS South Africa, leading provider of end-to-end BPM solutions in Africa, states.
According to WNS, these technologies are enabling insurers to optimise their claims process, improve compliance and exceed customer expectations, an important element of TCF.
According to the blog, a U.S.-based insurance company automated its claims process to achieve a 75 per cent reduction in the claims processing time. Additionally, they also increased their overall productivity and claims to handle capacity by 30 per cent.
“RPA, AI and even chatbots create the perfect foundation for self-service giving clients a speedy claims experience along with complete visibility of the process”.
PwC recently revealed that South African insurers identified market conduct regulations as the second most disruptive issue after technology. The great news, according to WNS, is that RPA and AI can help insurers address these regulatory challenges. For example, software bots maintain logs of all their actions. This hard-wired transparency allows insurers to monitor their regulatory compliance regularly and make appropriate course corrections if required.
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