Practical Robotics in Insurance – The Future is Here Already
By Tony Tarquini
Director of Insurance EMEA, Pegasystems Limited
Robots are taking over the world. They are no longer sci-fi fantasy and today robots powered by artificial intelligence (AI) can clean your house, educate the young, care for the old, and fetch your wine and slippers. Reports suggest that the global robotics market will be worth £100 billion+ by 2020.1 This chapter concentrates on the specifics of robotics, rather than the full spectrum of artificial intelligence (AI), which incorporates neural networks, data science and machine learning, and the many other categories in between, which constitute the world of AI.
Robotics is a powerful, tactical tool that, utilized correctly within a clear architecture and roadmap, can deliver significant, immediate cost and quality benefits, particularly against repetitive, manual tasks and legacy connectivity. However, robotics is not a strategic, enterprise-level transformation tool nor a silver bullet.
Today the insurance industry is just starting out on the robotics journey and very little is understood about what robotics can do for insurance and how. Even less is known about what is commercially viable today and what is still a pipe dream.
This chapter discusses the different forms of robotics available to insurers and when to use them, what is commercially viable, and why some projects fail. It will also consider the importance of people and robots working together, ...
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