This study is intended to help business and IT executives in insurance organizations (insurers and intermediary organizations) understand what cognitive systems are, why they are relevant, and how they can be used to improve customer experience, decision making, and operational efficiencies across various business functions. The study helps organizations build the business case and a road map to implement the technology.
"The insurance industry is currently on a digital mission to offer contextual and value-centric products and offerings to its customers driven by the change in customer and market expectations, technological disruptions, and the emergence of new kinds of competition. Cognitive systems can present effective options to help accelerate the transformation journey to achieve this digital mission and stay competitive. Insurance organizations need to have a clear strategy as well as the right skills and partnerships in place to implement the technology and reap the benefits," said Sabitha Majukumar, senior research analyst, IDC Financial Insights.
"Cognitive robotic process automation [RPA] is one of the most prominent applications of cognitive technology emerging in insurance. With the integration of cognitive technologies, RPA is making its way to the front-office operations of insurance organizations. Cognitive RPA, also known as intelligent RPA or simply intelligent automation in the form of robo advisors, chat bots, and virtual insurance agents, is expected to have a significant impact on customer engagement roles in the industry in the coming years," said Arun Dani, senior research analyst, IDC European Services.