On June 14th a broad spectrum of aspects regarding automation will be highlighted at UiPath Together 2022. One of the industries which will be discussed on stage is Insurance, as sometimes unexpectedly innovative part of the sector Finance. Rocking Robots discussed trends in insurance and automation with Elaine Mannix, Insurance Industry Expert at UiPath.
“Cost reduction is currently one of the biggest drivers of automation”, Elaine Mannix says. “The wish to be more efficient is also important. Other drivers are updating systems and just keeping everything going. And where the motivation is not cost cutting or cost optimization it is growth and customer experience. In short how do we get more with less? That’s always been on the agenda for insurance.”
There are several companies that have shown how this is to be done. “Looking at end-to-end automation and reducing repetitive tasks probably one of the best examples is Generali. They have saved 80 million with UiPath over the last couple of years. And that’s been in a lot of different areas, not just compliance and audit, but also in claims.”
AI
Automation is being looked at in all aspects of insurance, from the front office to the back office. “But also in areas we didn’t expect, like product development. And now AI is coming into the fold, tied to the biggest challenge at the moment: how can we get data internally and externally to the right people at the right time? And we are probably seeing more automations around machine learning now. Machine learning models don’t just do email triage, or detect fraud, which is typical, but there’s more confidence around pricing models as well. And there’s a growing awareness that you can build an automation learning layer, where human actions be learned from, and you can start to build that into your AI.”
“We are building an automation layer that has intelligence in it, and that is learning all the time. The challenge up to now is we always wanted to build automations that were as accurate as possible, with every exception in insurance we know. But now we have a human in the loop with AI that is learning, and it’s building models around what humans are doing: What decisions are they making, what actions are they taking? What knowledge are they adding to a process?”
Future of Work
Automation is all about the future of work. “Employee experience is a hot topic at the moment. How can we train people for the future and give them the skills they need? Insurance jobs are going to change significantly over the next ten years. Citizen developers are coming into play, Companies are going to harness the power of employees, and give them the future skills to do their local automations and actually even find complex ones, and hand them over to a Center of Excellence. Bottom up is really coming into play now.”
Trends
At Together she will address these trends in a session with a customer. “We will talk about scaling, how to actually build out your automations. A lot of people have done some automation. But it is different when you want to go enterprise wide. I think that’s a great topic, because everybody wants to leap forward now. And in a regulatory business you have to do that in a very structured way. So we’re going to discuss the lessons learned from a customer.”
“At Together it is also interesting to listen to what other industries are doing. We don’t have to be siloed in one industry. We have all industries together there. Banking is always way ahead, so we can see what they’re doing. We can see what manufacturing is doing. And we always have to remember that insurance is actually ensuring all those industries. So learning what they are doing actually helps. And I’m looking forward to seeing real people in person and hearing the stories from different people.”
Want to visit Together 2022? Register here
