HARTFORD, Conn., Sept. 20, 2021 /PRNewswire/ -- RPA (Robotic Process Automation) is one of the fastest growing innovative technologies being adopted by property-casualty and life/annuity insurers. Insurance companies are incorporating RPA capabilities across the value chain, and an ecosystem of RPA-focused startups has formed to support such transformations.
The Conning Focus Report, "The Pressure to Innovate Through RPA", provides insight into innovation activities undertaken across the industry that are driving RPA. This report continues Conning's coverage of the critical role technology is playing in changing the insurance industry. The report analyzes the financial, structural, distribution, and consumer pressures driving RPA. In addition, it provides tailored outlooks for the development of RPA in both the life/annuity and property-casualty sectors.
"Many insurers have gone into exploring and adopting RPA due to hypotheses around expense reduction, however, the answer is more nuanced," said Alan Walters, a Vice President, Insurance Research at Conning. "By leveraging RPA today, insurers are better positioned to take advantage of more advanced technology, such as AI, in the near future."
"What also became apparent in our research was that measuring the return on RPA just on expense reduction is limiting," said Scott Hawkins, a Director, Insurance Research at Conning. "While important, we would not be surprised to see insurers develop more robust return metrics as they continue their investments in RPA."
Steve Webersen, Conning's Managing Director, Insurance Research noted that "Investments by the property-casualty and life/annuity insurance sectors is helping fuel the growth and development of the insurtech industry. That development is creating venture capital opportunities for investors from insider and outside the insurance industry."
"The Pressure to Innovate Through RPA" Focus Report is available for purchase from Conning by calling (888) 707-1177 or by visiting www.conningresearch.com.
Conning (www.conning.com) is a leading investment management firm with a long history of serving the insurance industry. Conning supports institutional investors, including insurers and pension plans, with investment solutions, risk modeling software, and industry research. Founded in 1912, Conning has investment centers in Asia, Europe and North America.
SOURCE Conning, Inc.