The insurance sector undergoing robotization

Following the industrial robotization initiated in the 1990s, it is now the turn of the insurance business to start the process of automation. In the financial sector and in the insurance industry, in particular, the Robotic Process Automation system (RPA) will allow fast operation without mistakes and at lower costs of back office functions.

A survey conducted by consultancy firm McKinney has found that by 2030, nearly one million jobs will be gone for operations of support to insurance companies located on both sides of the Atlantic Ocean, collection agents, data entry operators, brokers and insurance consultants, agency staff,…

This staff reduction will be offset by the emergence of new jobs requiring more technological skills such as specialists, capable of developing digital solutions to better tap into big data. These jobs will account for 41% of the total staff in 2030.

Examples of automation affecting the insurance and finance sectors:

  • In January 2017, Fukoku Mutual Insurance, a Japanese life insurance company, parted way with a quarter of its wage earners, with the latter being replaced by an artificial intelligence system.
  • American banks are testing employee-free automated agencies.
  • Virtual financial coaches like Max, in operation since September 2017 at Arkea Crédit Mutuel and startup Yomoni, are proposing financial investments or consultancy for customers.
  • JP Morgan, the American business bank, has announced that it will soon start using a robot endowed with artificial intelligence for all high-frequency trading operations.
  • Goldman Sachs, another American bank, has replaced almost all of its traders by machines.
  • At Citigroup, the workforce of 40% of the staff may be carried out by machines, which would trigger the loss of 10 000 jobs over five years.

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