Practical Robotics in Insurance – The Future is Here Already

Abstract

This chapter concentrates on the specifics of robotics, rather than the full spectrum of artificial intelligence (AI), which incorporates neural networks, data science and machine learning, and the many other categories in between, which constitute the world of AI. It considers the importance of people and robots working together, with governance and oversight over the robots. The benefits that can be derived from using robotics within an insurance environment centre on operational improvement, productivity increases through efficiency and effectiveness, increased quality of execution, performance recording, and improvement in customer and staff experience. In a successful robotics environment, productivity increases by relegating non-value-added (NVA) work to robots and concentrating human activities on intelligent work in parts of the business process that are customer-centric. Robotics can add significant business improvement, future agility, and overall value to the operations of every traditional insurance organization operating today.