Global Survey Report: Management perspectives on transformation in insurance
We surveyed over 500 insurance leaders globally about the issues most impacting the industry, their primary strategic priorities, the maturity of their firms' insurance intelligent automation programs, and how they are planning to scale automation in the future.
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When it comes to major events that impact people, economies and environments, the insurance industry is firmly on the frontline. In the last few years, the industry — traditionally slow to modernize — has been reinventing strategies and working models to meet the demands of the changing global landscape, from the pandemic to economic and political instability. Acceleration of digital transformation has become a top priority because it directly impacts current strategic imperatives — customer focus, operational simplification, financial sustainability and innovation.
Amid this, insurance companies are realizing that there are tools to help drive their transformation initiatives forward. Robotic process automation (RPA) has been around for quite some time, however intelligent automation (RPA coupled with artificial intelligence and machine learning technology) is becoming more widely recognized as a platform for change.
But despite the drive for change, the same challenges that have historically held back insurance providers are yet to be overcome. Legacy systems, data and processes can be difficult and expensive to modernize, and simply bringing in new technologies, layered on top of the old, creates its own problems.
To understand how insurance companies are adopting intelligent automation (IA), where they are on their journey and what factors are influencing transformation at scale, we undertook research with 511 senior professionals from the global insurance industry, covering North America, EMEA and APAC.
In addition to examining adoption rates, we looked at who’s driving implementation projects within organizations, where the barriers are that prevent successful scaling of automation and what insurance companies predict for their future automation use.
We’ve uncovered that there are significantly different perspectives on the maturity of RPA and IA programs, where this technology should be best utilized and what the challenges are. Getting the real transformational value from automation at scale requires a clear vision and strategic alignment across all levels of management from the C-suite through to process owners, not to mention agreement on who should be responsible for driving scale and keeping the program on track.
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