RPA, Blockchain and Artificial Intelligence: The Future of Insurance?

This article has been signed Jean Langlois Berthelotteacher at SciencesPo and Marc Oliver Boisséspecializes in cyber security.

This article provides a summary of a conference presented to insurance executives on May 12, 2022 in Neuilly-sur-Seine

The field of insurance is undergoing profound transformations. Several technologies are likely to permanently change careers in this sector. Among these technologies, we identify three main technologies, RPA (Robotic Process Automation), Blockchain, and Artificial Intelligence.

Photo: Adobe Stock

First of all, let’s counter the popular belief that new technologies will replace humans by automating certain tasks in insurance. In fact, these new technologies are above all new tools available to insurance companies and allow efficiency and performance.

Addressing the role 3 technologies are likely to play in insurance means asking several questions of paramount importance:

  • How will work procedures with these technologies evolve?
  • What tasks will be assigned to employees?
  • Should insurance training and employment evolve in order to adapt?

We naturally approach these key questions for each of the three technologies.

Robotic process automation and insurance

RPA, thanks to dedicated software, allows to automate some of the repetitive tasks. At the moment, the tasks that can be automated in this way are still limited. We can think, for example, of tasks such as recognizing and classifying disaster types and redirecting to the service Dedicated.

Using RPA technology, a certain number of simple and repetitive tasks can be automated. In terms of employment and training, these are the same shifts that can already be observed in the field of accounting, with great potential to replace less qualified positions in the accounting hierarchy.

Blockchain and insurance

It is undeniable that Blockchain is a disruptive technology. It offers important applications for insurance companies. What exactly are these apps?

First, one of the most obvious applications is the obvious Smart contracts. with the smart contracts, we can think of standalone programs that can perform predefined actions automatically according to a certain number of predefined conditions. Concretely, this may mean that in the event of a cyber attack, for example, if IT security conditions are respected, the amount paid will be refunded. In the Blockchain of smart contracts So it may be linked to the data collection devices you use The Internet of things.

Artificial intelligence in insurance service?

Artificial intelligence is gaining importance in the field of insurance. Many applications of AI can directly benefit the insurance industry. Without trying to be exhaustive, let us nevertheless try to highlight the main applications that we already see in this sector and that will necessarily spread widely. To be perfectly precise, the AI ​​here is basically machine learning.

The machine learning It allows for a systematic processing of customer data and thus allows for a better characterization of the solutions to be offered. It is a solution for monitoring customer files but also for customizing offers.

The machine learning It also allows detecting unusual behavior in relation to pre-defined patterns. Since these unusual behaviors can be fraudulent, it is interesting to be able to rely on dedicated tools.

In conclusion, RPA, AI, and Blockchain technology has the potential to profoundly transform insurance practices and services. It is up to insurers to gauge the desirability of introducing these technologies into their practices now and/or to wait for feedback from their competitors and learn from them.

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