RPAs, Blockchain and Artificial Intelligence: The Future of Insurance?

This article is signed Jean Langlois BartheltTeachers at SciencesPo and Mark-Olivier BoisetCyber ​​security expert.

This article summarizes a conference given by Insurance Officers in Neuilly-sur-Seine on May 12, 2022.

The insurance sector is undergoing profound changes. Several technologies could permanently change careers in this sector. Among these technologies we identify three main ones, RPA (Robotic process automation), Blockchain and artificial intelligence.

Photo: Adobe Stock

First, 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 surpass all new tools available to insurers and provide efficiency and performance.

Addressing the 3 technologies that can play a role in insurance means asking a few basic questions:

  • How to develop a work routine with this technology?
  • What work will be assigned to the staff?
  • Need to develop insurance training and employment to adapt?

We naturally deal with these key questions for each of the three technologies.

RPA and insurance

RPA allows, thanks to dedicated software, automation of some repetitive tasks. For the time being, the tasks that can be automated in this way are still limited. We can think of, for example, the recognition of the type of disaster and the task of redirecting it to classification and services. Adhoc.

RPAs can automate a certain number of simple and repetitive tasks. In terms of employment and training, these are the same transitions that have already been observed in accounting, with the significant potential for the lowest qualified job replacement in the accounting classification.

Blockchain and insurance

Blockchain is undoubtedly a disruptive technology. It offers important applications for insurers. What exactly is this application?

First, one of the most obvious applications is obvious Smart deal With Smart deal, We can think of autonomous programs that can automatically perform predefined actions according to a certain number of pre-determined conditions. Specifically, this means that in the case of a cyber attack, for example, if the IT security conditions are respected, a refund will be given. In its blockchain Smart deal So using can be associated with the data collection device IoT.

AI Insurance Services?

AI is gaining importance in insurance. Many AI applications can directly benefit the insurance industry. Without trying to expand, let’s try to highlight the major applications that we already see in the sector and which will inevitably become widespread. Quite precisely, AI is mainly here Machine learning.

The Machine learning Allows a systematic processing of customer data and therefore provides better features of solutions. This is both a solution for monitoring customer files but also for customizing offers.

The Machine learning Also enables detection of abnormal behavior with predefined patterns. Since these unusual behaviors can be potentially deceptive, it is interesting to be able to rely on dedicated tools.

In conclusion, RPA, AI and Blockchain are able to profoundly transform insurance practices and services. Now it is up to the insurers to measure the advice to introduce these technologies in their practice and / or wait for feedback from their competitors and learn from them.

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