When it comes to implementing new technology, the insurance industry is rarely considered an early adopter. However, insurance companies have been taking early strides, somewhat in a migratory manner, to adapt to technology advances to help better run operations, improve underwriting and risk management, enhance customer offerings and services and profitably grow the business.Technology
Taking into account this early progress, we look to 2020 and several trends in the industry that have begun to take shape and will accelerate this coming year:
From RPA to IPA
Whether stemming from insurance carrier frustration that basic robotic process automation (RPA) bots mimicking human tasks hasnt produced savings relative to carrier aspirations, or from insurance carriers increased understanding of machine learning (ML) and artificial intelligence (AI) capabilities, the industry will see an increase in “intelligent” process automation (IPA) that is more robust and combines the bot with learning, evaluative and decision-making capabilities for greater impact.