Tuesday, 16 July 2019 18:55

Insurers to spend US$634 million on Robotic Process Automation: report

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Insurers will spend US$634 million on Robotic Process Automation solutions by 2024, rising from US$184 million in 2019 – a 245% increase over the next five years, according to a newly released report.

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.

According to Juniper, as the insurance market is “largely saturated in these areas with flat premium growth”, insurers must cut their operational costs quickly to remain competitive.

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.”


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Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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