Juniper Research: Insurers to Spend $634m on Robotic Process Automation by 2024, as Efficiency Gains are Sought
Summary
Adopting RPA solutions will appeal to insurers by enabling substantial cost and time savings; created by mitigating these disparities. The research urged vendors to ensure effective AI integration so that RPA can handle valuable tasks in a highly reliable way. It forecast that the technology would leverage advances in AI to offer increasingly sophisticated services in fields including underwriting, claims management and data handling; driving average spend per company to 30% over the next 5 years. Research author Maite Bezerra remarked, “Although automation can bring results in a few weeks, scalability can only be achieved when bots ‘learn’ how to operate outside simulated environments. Bots must be continuously trained to understand exceptions and non-linear processes, or companies risk being left with limited return on their RPA investment.” Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports and industry commentary.