AI in Insurance - Highlights from UiPath AI Summit 2022
According to McKinsey, a global management consulting firm, “the [insurance] industry is on the verge of a seismic, tech-driven shift. AI implementations could increase productivity in insurance processes and reduce operational expenses by up to 40% by 2030.”
The insurance industry has long been reliant on human intelligence and effort to manage claims. However, with technological advances in artificial intelligence (AI) and robotic process automation (RPA), insurers are now able to handle a higher number of claims more efficiently and effectively.
In this post, we’re revisiting the insurance session at UiPath AI Summit 2022 and looking at two insurance companies, Generali and CATIC, and different stages of their automation journey.
Generali is one of the world's largest insurers, but its size doesn't stop it from being open to new technologies that can improve efficiency. The company has been on its automation journey for a few years now and has already seen impressive results. For instance, in just two years, they had gross savings of 80 million euros with over 300 robots deployed across 25 entities.
One automation example is in form processing. Generali receives a variety of different forms from customers, many of them hand filled. The robots, in conjunction with AI, optical character recognition (OCR), and natural language processing (NLP), extract the content and then propose suggested actions to an employee. The information is extracted and validated. AI cleans up the document and rotates images (if needed). Then the data is turned over to a human with a suggested course of action.
Generali plans to continue expanding its use of automation, with the goal of reaching 125 million euros in gross savings by 2025 from using AI and RPA.
CATIC is an insurer based in the United States (U.S.) that only recently began exploring how AI and automation could improve its business. Despite being at a different stage of its journey, CATIC has already identified several potential benefits of automation. At the AI Summit, they shared great advice to those who have been thinking about or are hesitant to start their automation journey.
They began looking into automation about two and a half years ago because they knew that there were areas in their company that could benefit from it. In order to start their automation journey, they looked at multiple areas and (in parallel) considered different solutions. They believe automation is a dynamic fields.
The automation journey is one that can be challenging to navigate without careful examination of all the details. CATIC has been fortunate that senior leadership has always been supportive of new initiatives, which helped them embark on a successful journey towards automation and AI.
Getting the right people behind you both from the senior management side and also from the cross-functional teams that we put together to help us with this journey is really key [….] you have to communicate to get the people buy in and have them understand and know why we are doing this and how it is going to help them and not hurt them
Tracy Burger, VP, Corporate Initiatives, CATIC
Looking to the future, both companies are optimistic about the potential of automation technologies to further improve their businesses. For Generali, this includes continued implementation of automation across different business processes. For CATIC, this includes exploring new use cases for automation and expanding the use of automation within the company.
If you want to stay up to date on the latest trends in AI and automation in insurance and other industries, be sure to watch the recordings of the recent summit. Industry leaders shared insights on how these technologies can help organizations achieve their goals. You'll hear about the latest advancements in AI and automation and how they're being used in real-world settings. The recordings will inspire you with what's possible and provide practical tips for implementing these technologies in your own organization.
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