RPA, blockchain and artificial intelligence: the future of insurance?

This article has been signed Jean Langlois Berthelotteacher at SciencesPo and Marc-Olivier Boissetcybersecurity specialist.

This article summarizes a conference given to insurance executives on May 12, 2022 in Neuilly-sur-Seine

The insurance area is undergoing profound changes. Several technologies are likely to permanently change the professions 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 go against the common belief that new technologies will replace people by automating certain tasks in the field of insurance. In fact, these new technologies are, above all, new tools that are made available to insurance companies and allow for efficiency and performance.

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

  • How will work routines evolve with these technologies?
  • What tasks will be assigned to the employees?
  • Do education and employment in the field of insurance need to be developed to adapt?

Of course, we deal with these big questions for each of the three technologies.

RPA and insurance

RPA allows, thanks to dedicated software, the automation of certain repetitive tasks. At present, the tasks that can be automated in this way are still limited. For example, we can think of tasks such as recognizing and categorizing types of disasters and redirecting to the service ad hoc.

With RPA, a certain number of simple and repetitive tasks can therefore be automated. In terms of employment and education, these are the same transformations that can already be observed in the field of accounting, with a significant potential to replace the least qualified jobs in the accounting hierarchy.

Blockchain and insurance

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

First, one of the most obvious applications is the obvious one smart contracts. With smart contracts, we can think of autonomous programs that can automatically perform predefined actions according to a certain number of conditions decided in advance. Specifically, this will mean that in the event of a cyber attack, for example, if the IT security conditions are complied with, a refund will be put into effect. At Blockchain af smart contracts may therefore be associated with data collection devices that use IoT.

AI for the insurance service?

AI is gaining more and more importance in the insurance field. Many AI applications can directly benefit the insurance industry. Without attempting to be exhaustive, let us nevertheless try to highlight the major uses that we are already seeing in the sector and that will necessarily be widespread. To be exact, the AI ​​here is essentially machine learning.

that machine learning enables a systematic processing of customer data and therefore enables a better characterization of the solutions to be delivered. It is both a solution for monitoring customer files, but also for customizing offers.

it machine learning also enables the detection of unusual behavior in relation to predefined patterns. Since this unusual behavior can be potentially fraudulent, it is interesting to be able to rely on dedicated tools.

To conclude, RPA, AI and Blockchain are capable of profoundly transforming insurance practices and services. It is up to the insurance companies to measure whether it is advisable to put these technologies into their practice now and / or to wait for feedback from their competitors and learn from them.

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