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

Author

Listed:
  • Lamberton, Chris
  • Brigo, Damiano

    (Imperial College London)

  • Hoy, Dave

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.

Suggested Citation

  • Lamberton, Chris & Brigo, Damiano & Hoy, Dave, 2017. "Impact of Robotics, RPA and AI on the insurance industry: challenges and opportunities," Journal of Financial Perspectives, EY Global FS Institute, vol. 4(1), pages 8-20.
    • Handle: RePEc:ris:jofipe:0098
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    Cited by:

    1. Vishwakarma, Laxmi Pandit & Singh, Rajesh Kr & Mishra, Ruchi & Demirkol, Denizhan & Daim, Tugrul, 2024. "The adoption of social robots in service operations: A comprehensive review," Technology in Society, Elsevier, vol. 76(C).
    2. Khushboo E-Fatima & Rasoul Khandan & Amin Hosseinian-Far & Dilshad Sarwar, 2023. "The Adoption of Robotic Process Automation Considering Financial Aspects in Beef Supply Chains: An Approach towards Sustainability," Sustainability, MDPI, vol. 15(9), pages 1-34, April.

    More about this item

    Keywords

    Robotics Process Automation; RPA; Insurance; AI; drones; sensors;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies

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