Impact of Robotics, RPA and AI on the insurance industry: challenges and opportunities

Chris Lamberton, Damiano Brigo and Dave Hoy
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Chris Lamberton: EY, Postal: 25 Churchill Place, London
Dave Hoy: EY, Postal: 25 Churchill Place

Journal of Financial Perspectives, 2017, vol. 4, issue 1, 8-20

Abstract: We consider the current challenges and opportunities in applications of Robotics to financial services and to insurance in particular. Combinations of Robot Process Automation (RPA) with digitization have been considered by the industry, with important benefits in cost reduction and efficiency. We highlight the general benefits of RPA and the related implementation challenges in detail. We discuss more advanced Artificial Intelligence (AI) applications, arguing that such applications depend on the general advancements of AI, where human level interaction is not yet available. We discuss the great potential for AI applications in the near future and consider some initial examples. We also briefly discuss the hard problems of AI in relation to intelligence and consciousness in the introductory part, and briefly look at the implications AI and robots could have for human society and employment.

Keywords: Robotics Process Automation; RPA; Insurance; AI; drones; sensors (search for similar items in EconPapers)
JEL-codes: G22 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:ris:jofipe:0098

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