The Future of Insurance equipped with RPA

The first of the series of virtual conferences themed ‘Future Ready India’, hosted by Automation Anywhere in collaboration with CNBC TV-18 and Forbes India, brought together eminent experts from the insurance sector, to deliberate on ‘The Future of Insurance’. This discussion focused on the role of Robotic Process Automation (RPA) and related aspects of digital transformation within the insurance sector.

RPA, a business process automation technology solution, has been unlocking value for enterprises, augmenting human potential and impacting a host of industry verticals. Within the insurance sector, the use of software robots or AI/digital workers, which emulate the actions of a human interacting within digital systems, has been gaining significance.

The Future of Insurance equipped with RPA

Moderated by Mridu Bhandari of CNBC TV-18, the panel comprised Milan Sheth, EVP, India, Middle East, and Africa, Automation Anywhere; Kirti Patil, Sr EVP & CTO, Kotak Mahindra Life Insurance; Sachin Goel, EVP & CTO, Tata AIA Life Insurance; Kayzad Hiramanek, Chief – Operations and Customer Experience, Bajaj Allianz Life; Girish Nayak, Chief – Customer Service, Technology & Operations, ICICI Lombard and Mayank Bhargava, CIO, Pramerica Life Insurance.

As Automation Anywhere is an enabler of RPA, Milan Sheth set the pace for the discussion by explaining how this technology solution could take over and simplify various processes for insurance companies and make them less paper-intensive. The other members of the panel then shared their experiences of how technology had been a crucial facilitator of Business Continuity, especially during the lockdown when processes had to be carried out remotely.

The lockdown changed mindsets in the insurance industry, especially with respect to executing high volume processing and connecting remotely with partners, customers and prospects. The insurance companies represented by the participants had all begun their transformation journeys months or years prior to the COVID19 pandemic and had varying levels of RPA in place. However, it was the lockdowns that actually made the colossal benefits rendered by this technology truly visible. The discussions detailed how RPA improved turnaround speeds, accuracy, transparency, efficiency, hassle-free compliance, and accountability while reducing costs and human reliance. It emerged that RPA could also play a significant role in enhanced risk prediction and evaluation for insurers and enhance customer connect and servicing.

Addressing concerns that such technology was taking away human jobs, Milan Sheth concluded, “Robotics takes the robot out of the human,” referring to how RPA was actually augmenting human potential and freeing up mind-space for higher-value jobs, resulting in better careers for insurance professionals.