Robotics in the insurance industry is starting to become a more usual sight. Brightside, partnered with Data Capture Solutions (DCS), introduced robotics to its back office activities.
It seems like tasks such as documentation, printing and dispatch will automate if the insurance insutry follows Brightside’s path.
David Holloway, firm’s transformation director, said Brightside is discovering that robotics in the insurance industry reduces cost and error rates.
“By taking out the human variable we have significantly improved our response time,” noted Holloway. He also indicated that Brightside will be more scalable as an organization by automatizing the non-value added activities.
Brightside’s project of utilizing robotics started in October. To this day, the company has one live programme (creating document packs) dealing with 100% of the niche van costumers, two more in test and others in design, including a process for automating debt write offs.
Brightside is a clear example of the possibilities for robotics in the insurance industry, and according to Holland, the technology will continue to comprise more processes as the company is looking to transform itself into a fully digital player.
The use of robotics in the insurance industry could rise if companies share Brightside’s principle of automation use. “Our underlying principle is to use robotics where the task is repeatable and the agent is adding little value, leaving humans to work on the more unusual or difficult scenarios where they can add value,” Holland explained
Use of robotics in the insurance industry, part of the future
Insurers and brokers are already using technologies which open the path for the future of insurance. Robotics, chatbots, cognitive and artificial intelligence; they all are part of the new insurance industry that starts to peep out over the horizon.
At least this is what it seems according to Deloitte’s 2018 Insurance Industry Outlook: robotics and artificial intelligence in the insurance industry is only going to increase in the next few years.
Rob Kaye, a principal at Deloitte Consulting, said the real challenge for the insurance industry now is to find a way scale effectively. “At its root is understanding how a digital workforce will work hand-in-hand with its human counterparts”, explained Kaye.
The report indicates a rise in the use of robotics in the insurance industry will be seen in 2018. As a result, insurers will have the chance to reduce expenses in staffing and adapt the way they do business.
Furthermore, robotics in the insurance industry will ease processes in the sector because automation gives carriers the ability to automate mundane tasks in underwriting, policy administration, and claims. Consequenttly, the technology could potentially free up thousands of people hours.
With information from: