RDT surveyed 91 professionals from technology teams at insurers and MGAs, ranging from Chief Information Officers and CTOs to claims and software specialists, between May 23 and June 7.
The survey found that automation remains a central focus for insurers and that claims processing continues to be the foremost priority. 81% percent of respondents identified this as the most critical area, followed by policy administration (66%) and fraud detection (53%).
94% percent of respondents believed that further automation of the claims process would be beneficial in helping to tackle increasing costs of claims processing. However, the accuracy and reduction of errors emerged as a key issue. 40% of respondents said that a “human in the loop” was business-critical for automated workflows, evidencing the need for human oversight in the automation process.
Joe O’Connor, Deputy CEO of RDT, commented on the findings: “Automation is undoubtedly transforming the insurance landscape, but it’s imperative that insurers and MGAs proceed with a well-thought-out yet agile strategy. The findings from our poll clearly show that while there are significant benefits to be gained from automation, a considered approach utilising flexible technology combined with appropriate oversight is essential to avoid the pitfalls of hasty implementation.”
“A human in the loop is not merely a safeguard; it is a vital component in many cases that ensures the integrity and accuracy of automated systems. This integration is not just a theoretical ideal but a practical necessity that is achieved with the right technology,” O’Connor added.
Source: Insurance Edge
