In the recent surveys, insurance company organizations aim to modernize the work environment with digital tools and collaborative physical environment to help employees to develop the necessary skills to deliver such a model. 49% of the organizations looking for strategic alliance or joint venture to speed up the alignment with marketplace. Many organizations accepted the Robotic process Automation and Artificial intelligence as force of innovation and mapping the transformation of their organization to accommodate the changes. With traditional Automation process it is limited to simple and repetitive. RPA combined with AI can be used to identify deal with exceptions analyze huge data by internal and external sources and translate to insights and identify its behavior and trigger specific action. These RPA and AI technologies are used to drive personalization, deliver speedy service, and ensure higher degrees of self service.

Underwriting is the key focus are for RPA and AI initiatives. By the 2022 the marker for RPA and AI for Underwriting is grow by 60%. In Policy administration and servicing RPA leverages AI and advanced analytics to link back-end process to the front end in smart, contextual manner. If the customer facing chatbots, they can identify the customer, process queries in natural language and provide proactive suggestions based on Customer profile. Customer facing chatbots can answer question regarding payment, policy status, auto renewal policy and alert customer in event of loss warning based on sensor data and provide preventive repair and maintenance. Fraud detection and prevention is process area with widest adoption of RPA and AI technology across the industry. The solution is leveraged across claims assessment and fraud detection to enable early detection of trends and suspicious claims.

Most of the technologies backed predictive analytic with RPA and machine learning to score claims in real-time, routing and assigning claims in the workflow. Some of them with software that delivers actionable insights on which indicator make a claim suspect. This model takes conversation or context of the claims into action and based on it increase or decrease the suspicious indicators. Cyber insurance is a emerging market with breaches expected to cost USD $8 Trillion in the next five years. Insures are now offering RPA and AI backed with pre-loss mitigation service helps in prevent and detect malicious activity like automated password defense solutions, online training on cyber security, social media, and dark web scanning.