We have to be careful about how we use technology in insurance to protect our clients. I’m not saying we should all try to use robots to pay our insurance bills or to take our own lives, but I think it is important to realize that AI has been around long enough that it can do pretty much anything an intelligent human can. We are just not trained to use it.
My colleague Nick has recently published a paper documenting the rise of robotic process automation in insurance. The main reason why I find Nick’s argument for robots in insurance so compelling is because his results strongly suggest that AI can be used to reduce the number of claims.
Nick says that his results show that AI can reduce the number of claims by an average of 28% on a monthly basis. In other words, a robot that can replace human workers for a few years could save the average American homeowner $1,600 every year. I think that’s pretty cool and I think that if it happens, I bet the insurance industry would love it.
If you want to get into the robot insurance idea, the only way to do it would probably be to have a government agency come in and say “you can’t have robots in the insurance business”. But in the future, I think the insurance industry will look into this as well.
Robotic process automation is an idea that has been around in the world of business and research for a long time. It’s basically a process automation software system that allows humans to do their work from a computer to an interface. The idea behind it is to replace all of the expensive and inefficient human labor in the industry with cheap, automated systems. It’s pretty easy to imagine robotic process automation replacing many of the jobs that humans in the industry perform.
With that in mind, it’s not surprising that I’m interested in how robotic process automation systems like that would work in insurance. I like robotics because they’re easy to use and they’re cheap to buy. If you look at the many robotic process automation systems out there, they all seem to have some form of self-learning, which allows them to learn from experience. The insurance industry has been using self-learning systems for years now.
The self-learning system we’re talking about is called RPA, or Robot Process Automation.
RPA is a system that automatically learns to respond to all of your insurance policy requests. It takes in all of your information, processes it, processes it again, and processes it again. This process is automated so it can function in a much faster, more productive way. The system works by making a list of policy requests and then sending a request back to you. The system is a lot more efficient because it is less likely to be out of touch with your business.
RPA doesn’t just do this for your own business, either. It can also help you deal with claims on your property. When I talk about claims, I’m talking about claims that the insurance company would like the company to be paid for. This includes things like repairs, claims on the structure of your home, and things like lawn work.
The best part about RPA systems is that they are not only efficient, they are also extremely effective at handling claims. Companies get so many of these claims that they can’t keep up with them, so they have to resort to using a system like RPA that can handle all of their claims and put them right in the hands of the insurance company.