IT services and consultancy firm NTT DATA UK says automation could drive ROI of between 30% and 300% annually in London Markets, depending on the process.
NTT DATA notes how the approval of claims can reduce the time taken from hours, to just minutes, meaning more claims can be processed in the same amount to time.
This ROI comes as a result of automation delivering value to clients.
NTT says a number of its clients in the London Market implemented a fully managed Robotic Process Automation (RPA) solution, improving how the insurers processed data.
As a result, these organisations minimised manual data input and processing, freeing up employee time for data analysis and high-value insights – in one team, robot is now able to process 100% of the tasks for a particular customer.
As part of a survey of senior London Market syndicates, brokers and managing agents, NTT found that 70% of respondents believe automation can significantly benefit business development.
58% recognised digital as important to their business today, rising sharply to 97% who believe digital will be important in the next three years.
NTT explains that automation can take on the workload of a regular employee at only one third of the cost, freeing them to focus on more critical tasks that have greater benefit to the organisation, such as appraisals and negotiation
“The winds of change are blowing through the insurance industry. Ongoing cost challenges are encouraging insurance executives to look for innovative solutions to secure the long-term future of their sector,” said Kim Gray, Head of Insurance and Head of Diversity & Inclusion at NTT DATA UK.
Automation is at the forefront of their minds, offering a way to cut costs, improve efficiency and, ultimately, build a more profitable business. Most importantly, new on-demand business models mean that automation solutions come with minimum risk for executives.
“The COVID-19 pandemic has raised urgent questions for businesses about building resiliency into their systems,” concludes Gray. “Automation is a robust option for the London Markets to make the necessary changes at pace: protecting revenue, solving existing inefficiencies, and preparing themselves for the upsurge of activity in the recovery.”