普华永道-PwC_rsquo_s-2019-actuarial-robotic-process-automation-_RPA_-survey-report-PwC_15页_934kb

PwC’s 2019 Actuarial RPA Survey Report Summary

Core Content

PwC’s 2019 survey report explores the current and future use of Robotic Process Automation (RPA) in the actuarial function of insurance companies. The report highlights the slow adoption of RPA in the insurance sector compared to the broader financial services industry, despite the potential for cost reduction and data utilization.

Key Takeaways

• Early Adoption Stage: Actuarial functions across the insurance industry are still in the early stages of RPA adoption.
• Centralized Management in Life Insurers: Life insurers tend to manage RPA more centrally, often through a dedicated RPA center of excellence, while P&C insurers are more decentralized.
• Upskilling Opportunity: There is significant opportunity for insurers to upskill their teams in RPA implementation and usage.
• Challenges in Adoption: Technical complexity and instability in current operations are major challenges in RPA adoption.
• Primary Use Areas: RPA is currently used most frequently in data and reporting, and finance/accounting processes, with potential for expansion into actuarial processes.

Survey Overview

• Conducted in Q4 2018.
• Targeted both Life and P&C insurers.
• 44 companies participated: 20 P&C and 24 Life.
• Companies were categorized by size based on global gross written premium:
  • Life: Large (>10bn US$), Medium (>3.5bn US$), Small (<3.5bn US$)
  • P&C: Large (>10bn US$), Medium (>2bn US$), Small (<2bn US$)
• 15 large, 16 medium, and 13 small companies were classified accordingly.
• Approximately 80% of respondents were from the actuarial function, with others from finance, IT, management, or RPA centers of excellence.

RPA Uses by Insurers

• Life Insurers: More advanced in RPA adoption, particularly in actuarial processes.
• P&C Insurers: More decentralized, with multiple functions exploring RPA usage on a case-by-case basis.
• Actuarial Functions: Most are at the early stages of RPA exploration, with only 10% having made meaningful progress in implementation.

RPA Uses by Case

• Data and Reporting: Most frequently used for sending outputs and running ETL steps.
• Finance/Accounting: Used for executing reconciliations due to the ability to standardize processes.
• Operations: P&C insurers are not currently using RPA in claims or underwriting processes, while Life insurers are more open to its use.
• Risk Management: No P&C insurers use RPA in risk management processes, while Life insurers are considering its use in asset liability analysis.

Impact on Offshoring

• Over 60% of respondents do not use outsourcing/offshoring solutions in the actuarial function.
• Among those who do, most do not expect RPA to significantly impact current levels of outsourcing/offshoring.
• A quarter of P&C respondents believe RPA will impact outsourcing levels, whereas no Life insurers hold this view.

RPA Tools and Governance

• RPA is more centrally managed in Life insurers.
• Only half of the respondents have a governance framework in place.
• A variety of RPA tools are in use, with no clear market leader.
• Governance is typically managed by internal parties such as IT, finance, and actuarial teams.

Skills Assessment and Development

• Nearly 80% of respondents are not currently using RPA or are in education mode.
• The primary area of focus for skill improvement is RPA implementation.
• Both Life and P&C insurers face challenges due to the technical complexity of underlying processes and lack of stability in existing workflows.

What's Next: Intelligent Process Automation (IPA)

• IPA Definition: Incorporates cognitive intelligence to execute tasks and update rules based on learned trends, requiring minimal human oversight.
• Current Adoption: Most respondents have not yet considered IPA adoption within their actuarial functions.
• Future Outlook: Expected increased exploration and adoption of IPA in the next few years, particularly in experience analysis, trend analysis, and data quality remediation.
• Potential Benefits: IPA has the potential to enhance traditional actuarial judgment, uncover new insights, and manage complex data interactions.

Conclusion

The report underscores the potential of RPA in the actuarial function, with Life insurers leading in adoption and implementation. However, challenges such as technical complexity and lack of stability remain. The future looks promising for Intelligent Process Automation (IPA), which could revolutionize how actuaries work by integrating cognitive capabilities. Insurers are encouraged to invest in upskilling and develop robust governance frameworks to support RPA and IPA adoption.