In our ever-evolving digital age, it’s no surprise that every industry is undergoing significant change. And the insurance industry is right in the middle of this revolution.

Automation and artificial intelligence (AI) are not distant dreams. They are ubiquitous, radically changing insurers’ operations and customer interactions. At the UiPath AI Summit 2023, key industry players, Andrea Simpson, IT Manager – PMO Robotic Process Automation at USI, and Thach Nguyen, Director of Digital Innovation at Hub International, shared their insights, highlighting that these technologies How are you. Reshaping the Insurance Landscape and What’s Next on the Horizon

From basic automation to AI compatibility

Prior to 2018, automation was largely understood as a tool under the influence of robotic process automation (RPA) aimed at managing discrete, isolated tasks. As Nguyen reflects, “Historically, automation in insurance has appeared as a tool where every problem has a nail on its hammer.” This description captures the early stage, which is characterized by a bottom-up approach, and prioritizes more fundamental tasks.

However, around 2022 the winds changed direction. Unprecedented workforce shifts and the “Year of the Great Resignation,” with skyrocketing operational costs, forced a paradigm shift. Industry now uses automation for dual purposes: cost efficiency and elevating the customer journey. What were once modest efficiency targets of 8-12% have reached 15-20%. This highlights the growing focus on human-AI collaboration in strategic decision-making.

Powering efficiency and growth with AI integration

USI’s automation journey started in 2019 with the support of UiPath. Starting with the automation of standard, repetitive accounting functions, they gradually scaled the automation, eventually adopting AI to further streamline operations.

Faced with challenges such as increased staff turnover during the Great Resignation, Simpson’s team leveraged AI-powered automation, witnessing a profound shift in results. He highlighted the immense value gained from automated functions such as direct bill commission and underwriting data entry.

His top achievements include:

• Using AI and machine learning to interpret different templates from multiple carriers for direct bill commission, saving over a million dollars annually

• Fully automating complex underwriting data entry, ensuring real-time client application updates

• Streamlining and automating the remittance email process, freeing up 800 hours per year

From adoption to expansion

Nguyen laid out a complex map of Hub International’s journey into the realm of AI-powered automation. The initial phase involved taking baby steps by adopting basic automation in accounting. This was a critical step not only in terms of operational tweaks, but as a proof of concept that helped secure the significant investment needed to take our projects to the next level.

Once funding was secured, Nguyen’s team set out to scale their program. The focus was not only on increasing the volume of automated tasks but also on diversifying the types of tasks being automated. He extended automation beyond the limited scope of accounting to diverse business departments throughout the company.

Summarizing the transformation, Nguyen commented, “Automation started out as just a tool for us—a mechanism to streamline repetitive tasks. However, its role in our organization has evolved. It is now an enabler, a catalyst that gives us the power to achieve more than we initially thought See it as just another resource to become business partners.”

For Nguyen and his team, the journey wasn’t just about automating manual labor. Their vision is more ambitious. He is interested in the potential of automation and AI to improve decision-making processes within a company. For example, sophisticated algorithms can analyze large data sets to offer insights that were previously either too complex or too time-consuming to obtain manually. This depth of analytics is a game changer in strategic planning and operational efficiency.

Additionally, the team is focused on reducing the complexity of existing workflows, particularly in high-stakes, complex sectors such as brokerage. Here, automation has proven incredibly useful in handling large data sets, especially related to broker information management. It has also been an invaluable asset in facilitating mergers and acquisitions. By automating due diligence and data integration processes, a company is able to make more informed choices faster, thereby gaining a competitive edge in the fast-paced world of mergers and acquisitions (M&As).

AI-powered automation as the new standard

Whether it’s streamlining routine duties such as sending remittance emails or handling complex tasks directly in the bill commission process, it’s clear that automation and AI have transitioned from optional add-ons to becoming indispensable components of insurance operations. Who is

As the sector evolves, adopting and mastering these transformative technologies will dictate not only success, but survival. Insights shared by industry experts at the UiPath AI Summit 2023 only reiterate the magnitude and urgency of this digital transformation.

To access the full recording of this session and explore other must-see sessions on AI-powered automation, visit the AI ​​Summit on-demand recording.

Be sure to join us at the Financial Services Summit UiPath Forward VI. The Financial Services Summit will begin on Wednesday, October 11, 2023 at 3:30 pm PDT.