The new report, — Robotic Process Automation in Telecoms & Insurance: Vendor Positioning, Strategies & Forecasts 2019-2024 — from Juniper Research, found that previous growth strategies using mergers and acquisitions in the “highly-saturated insurance market” had resulted in disparate policies, practices and software.
And Juniper said that adopting RPA solutions would appeal to insurers by enabling substantial cost and time savings, created by mitigating these disparities.
Juniper Research forecasts in its latest report that North America and Europe would lead RPA adoption over the next five years, with more than 65% of insurance providers adopting the technology by 2024.
Juniper noted that the research found that RPA would become a “crucial enabler in this search for efficiency gains”, with the research urging vendors to ensure effective AI integration “so that RPA can handle valuable tasks in a highly reliable way”.
The research anticipated that advances in RPA solutions will drive growth of the average spend on RPA per insurer.
It also forecast that the technology would leverage advances in AI to offer increasingly sophisticated services in fields including underwriting, claims management and data handling, and driving average spend per company to 30% over the next five years.
Research author Maite Bezerra says: “Although automation can bring results in a few weeks, scalability can only be achieved when bots ‘learn’ how to operate outside simulated environments. Bots must be continuously trained to understand exceptions and non-linear processes, or companies risk being left with limited return on their RPA investment.”