Automation

Top risks are often associated with the IoT, artificial intelligence, cloud computing and robotic process automation.

True benefits of RPA are only possible with a logical implementation plan backed by a thorough governance framework and strategy.

When RPA platforms are integrated with chatbots, they open the possibility for chatbots and voice bots to handle more complicated, less routine driven tasks in real time.

But carriers are looking for these technologies to prove themselves before widespread deployment, says Novarica study.

Carriers enter the new year with a sense of urgency to deploy faster, higher-impact capabilities aimed at enhancing underwriting, claims and customer interaction, says Aite Group.

Insurers face the risk of investing too heavily in RPA if they treat it as a long-term solution rather than a temporary fix.

Efforts to make AI more accessible also may alleviate the shortages of data and computer scientists.

The move has enabled the reinsurer to develop a new underwriting system, leading to faster product launches and enhanced data analytics.

Many of these dangers stem from the increasing reliance of financial services companies on outside technology firms.

Some tasks require so much human judgment, intuition and empathy that it will be a very long time, if ever, before AI assumes control.