This article is signed Jean Langlois Berthelotteacher at SciencesPo and Marc-Olivier Boissetcybersecurity specialist.
This article provides a summary of a conference given to insurance executives on May 12, 2022 in Neuilly-sur-Seine
The field of insurance is undergoing profound transformations. Several technologies are likely to permanently change the professions in this sector. Among these technologies we identify three main ones, RPA (Robotic Process Automation), Blockchain and Artificial Intelligence.
First of all, let’s go against the common belief that new technologies will replace humans by making certain tasks automated in the field of insurance. In reality, these new technologies are above all new tools made available to insurers and allowing 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 employees?
- Will training and employment in the field of insurance have to evolve in order to adapt?
We naturally deal with these major questions for each of the three technologies.
RPA and insurance
RPA allows, thanks to dedicated software, the automation of certain repetitive tasks. For the moment, the tasks that can be automated in this way are still limited. We can think, for example, of tasks such as the recognition and categorization of types of disaster and the redirection to the service ad hoc.
With RPA a certain number of simple and repetitive tasks can therefore be automated. In terms of employment and training, these are the same transformations as can already be observed in the field of accounting, with significant potential for replacing the least qualified jobs in the accounting hierarchy.
Blockchain and insurance
The Blockchain is undeniably a disruptive technology. It offers important applications for insurers. What exactly are these applications?
First, one of the most obvious applications is the obvious smart contracts. With the smart contracts, we can think of autonomous programs that can automatically execute predefined actions according to a certain number of conditions decided in advance. Concretely, this would mean that in the event of a cyber attack, for example, if the IT security conditions have been respected, then a refund will be put in place. At the Blockchain of smart contracts may therefore be associated with data collection devices using the IoT.
AI at the service of insurance?
AI is gaining in importance in the field of insurance. Many AI applications can directly benefit the insurance industry. Without trying to be exhaustive, let’s nevertheless try to highlight the major applications that we already see in the sector and which will necessarily become widespread. To be quite precise, the AI here is mainly machine learning.
the machine learning allows a systematic processing of customer data and therefore allows a better characterization of the solutions to be provided. It is both a solution for monitoring customer files but also for customizing offers.
the machine learning also enables the detection of unusual behavior in relation to predefined patterns. As these unusual behaviors can be potentially fraudulent, it is interesting to be able to count on dedicated tools.
To conclude, RPA, AI and Blockchain are able to profoundly transform insurance practices and services. It is up to insurers to measure the advisability of introducing these technologies into their practices now and/or to wait for feedback from their competitors and learn from them.
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