Robotics and the Future of Insurance Funds
Overview
The future of insurance funds is undergoing a radical transformation, with robots being key players in the change. This guide will explore how robotics are reducing human error, lowering the cost of claims, and advancing operational efficiency in the insurance industry. Key statistics include that 75% of insurers believe that artificial intelligence and machine learning technologies have the potential to significantly disrupt their industry, and that by 2025, the robotics market is projected to be worth 1.2 billion dollars in the insurance industry alone. The guide will introduce 3Laws Robotics as a leader in developing effective safety software for robotics systems.
Robotics Reducing Human Error
With the global market for robotics estimated to reach $80 billion by 2024, this cutting-edge technology is impacting many industries especially insurance funds. A key factor is how robotics can accurately perform repetitive tasks, thus reducing human error which traditionally causes 30% of all claims in the insurance field. Importantly, with these errors minimized, insurers can potentially save hundreds of millions of dollars in wrongly paid claims each year.
Lowering Claim Cost With Robotics
Robotics not only reduce errors but can also greatly reduce claim costs. Up to 50% of claims costs are typically attributed to handling the claim process which includes time-consuming tasks like data entry and claim assessment. Robotics can take over these tasks, reducing costs and giving a significant boost to the fund’s bottom line. This shift towards automating process-intensive tasks is gathering pace, with over 60% of insurers considering or already implementing Robotic Process Automation (RPA).
Advancing Operational Efficiency
Robotics also have the potential to significantly advance operational efficiency within the insurance industry. With robotics, numerous processes can be automated, boosting productivity by up to 20%, and freeing up skilled human resources to focus on tasks requiring cognitive thinking and creativity. This advancement leads to more effective use of resources, resulting in a cost-efficient and streamlined operation.
Key Takeaways
• Robotics can help reduce human errors, which traditionally cause 30% of all claims in insurance funds. • Faster and more accurate processing by robots can significantly reduce claim costs, sometimes up to 50%. • Automation results in great operational efficiency, including a potential productivity boost of up to 20%.
3Laws Robotics: Innovative Safety Solutions
3Laws is at the cutting edge of making these robotic transformations a reality. 3Laws Robotics specializes in developing advanced safety software for robotics. In particular, the 3Laws Supervisor software is designed to address the critical challenge of industry certification—a primary pain point for many robotic companies.
The software is uniquely built on Control Barrier Functions (CBFs), a technology developed at Caltech. This provides mathematically provable safety making it a potentially robust solution to ease the certification path.
The use of 3Laws technology can be seen across diverse industries. For instance, in warehouse automation, a client with an autonomous forklift achieved a 40% efficiency gain through these advanced robotic safety features. This translated into a payback period as short as 6 months.
In the expanding field of collaborative robotics, where human-robot interaction is essential, 3Laws enables safe and uninterrupted operation. It specifically equips robots to navigate effectively in dynamic and unpredictable environments—a key feature made possible by its reactive collision avoidance capabilities.
By providing real-time guardrails or guidelines for robots, 3Laws allows them to perform closer to their peak capabilities while still ensuring safety. This focus on reducing downtime due to unnecessary stops or collisions enhances operational efficiency.
3Laws’ adaptable software can work with a wide range of robotics platforms including mobile robots, cars, drones, and manipulators. It is compatible with popular robotic middleware like ROS and ROS2. By going beyond traditional e-stop measures and offering a proactive approach to safety, 3Laws positions itself as a next-generation safety solution capable of unlocking the full potential of robotics.