In a sluggish growth market, saving time and money will likely remain high on insurer agendas. To provide an idea of the potential savings offered by automation, we applied to the insurance industry a methodology created by the Deloitte Center for Government Insights.g
Consider the likely impact of automation on the claims function. RPA can cull through data faster and more thoroughly than staff can do on their own, while CI can help pick out anomalies and red flag possible frauds, releasing personnel to focus instead on particularly complicated or problematic situations.
While actual savings will depend upon many factors, some strategic and some operational, our preliminary analysis suggests that just in one type of occupation—claims adjusters, appraisers, examiners, and investigators—the US insurance industry could potentially free up between 54 million and 285 million hours of their workforce time annually, amounting to potential cost savings between $1.7 billion and $8.9 billion, within five to seven years, depending upon their level of investment.