A recent survey by Willis Towers Watson revealed that insurers are looking to accelerate their use of automation in the next five years to improve the efficiency of their processes.
Indeed, it was reported that most life and P&C insurers do not or barely use automation, with data processes being the most automated function to date. However, the study showed that they are aiming to deploy automation within their processes over the next few years, and to focus mainly on assumptions, audit trail, and results production.
Insurers are turning towards automation to reach better efficiency and efficacy, as well as enabling more granular analysis and more frequent insights from their data. Many life insurers believe that they can face some challenges such as reliance on data sources, with automating data processes.