The insurance industry has been talking about automating for years, but now it is becoming a reality, with leading re/insurers increasingly deploying tools with urgency and precision. This shift is driven by regulatory pressure, operational inefficiencies, and the complexity of global insurance operations. Firms are focusing on focused automation efforts that deliver tangible value in short timelines. Examples include a US-based insurer seeking full Sarbanes-Oxley compliance across four distinct entities within 18 months, a global risk exchange, which integrated a robotic process automation (RPA) bot and automated a previously manual journal creation process tied to its virtual payments network. This resulted in a 45% reduction in processing time and a complete reallocation of full-time employee (FTE) hours to higher-value tasks. Successful automation programmes are being integrated into existing technology stack rather than attempting wholesale system replacement. Looking ahead, Automation is seen as a response to rising demands for efficiency, risk reduction, and sustainable growth.
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