Robotics and the Future of Insurance Related Activities
Overview
The landscape of insurance is drastically changing, propelled by advancements in robotics and artificial intelligence (AI). The market size of AI in the insurance industry is projected to reach USD 4.5 billion by 2026, growing at a CAGR of 41.8%. The application of robotics in policy administration, claims processing, and risk assessment transforms insurance processes making them quicker, more accurate, and efficient. Additionally, robotics software like 3Laws Supervisor marks a move towards certifiable safety in autonomous systems.
The Impact of Robotics on the Insurance Industry
Robotics is revolutionizing the insurance industry, particularly in prevention and risk reduction. In fact, 63% of insurance executives believe that AI will substantially alter the insurance industry over the next three years. Risk assessment dramatically improves with Robotics Process Automation (RPA), reducing risks and errors by 60%. Besides, drones analyze risks more accurately in construction, agriculture, and disaster management. As a result, many insurance firms are investing in RPA to enhance the accuracy and speed of mundane tasks, boost compliance, and trim operational costs.
Policy Administration and Claims Processing
Robotics technology, specifically RPA, is significantly streamlining policy administration and claims processing. Research by Deloitte predicts that about 80% of traditional insurance operations could be automated. Artificial intelligence has the potential to improve claims processing speed by 30%. RPA reduces processing costs by 40% and decreases turnaround time by more than 60%, improving customer satisfaction.
Risk Management and Pricing Models
Risk management and pricing models present immense opportunities for robotics in insurance. Insurance companies could leverage robotic technologies to gather and analyze risk-related data. 73% of insurers plan to implement predictive analytics for risk assessment in the next two years—a direct outcome of robotics adoption. GPS and IoT technology embedded in cars, appliances, and smartphones provide data that helps insurers to calculate premiums more accurately.
Key Takeaways
- Robotics, particularly AI, are set to alter the insurance landscape, contributing to a projected market size of USD 4.5 billion by 2026.
- AI and RPA dramatically enhance risk assessment and reduce errors by 60%.
- Nearly 80% of traditional insurance operations could be automated with the potential to speed up claims processing by 30%.
- Predictive analytics for risk assessment, fueled by robotic technologies, is planned for implementation by 73% of insurers within two years.
About 3Laws Robotics
3Laws Robotics is developing cutting-edge robotic software to enhance safety and reliability. Our primary focus is to address certification challenges, a major pain point in the robotics industry. Our product, 3Laws Supervisor, simplifies this process by providing robust safety features and evidence of system robustness, potentially streamlining the certification path. Based on Control Barrier Functions (CBFs), a technology developed at Caltech, our software claims to provide mathematically provable safety.
Use Cases
- Warehouse Automation: We have helped an autonomous forklift client achieve a 40% efficiency increase, yielding a payoff in just six months.
- Human-Robot Interaction: We ensure the safe and uninterrupted operation of robots near humans, addressing a rising demand for collaborative robotic solutions.
- Dynamic Environments: Our reactive collision avoidance capabilities permit robots to navigate successfully in volatile surroundings.
Our software also aims to enhance operational efficiency by reducing downtime resulting from unnecessary e-stops or collisions. Our real-time guardrails for autonomy stacks allow robots to operate near their maximum capabilities while maintaining safety. Our software is adaptable and compatible with a wide range of platforms—including mobile robots, cars, drones, and manipulators—and robotics middleware such as ROS and ROS2. Thus, 3Laws secures a position as a next-generation safety solution that surpasses traditional e-stop methods. Our proactive approach to safety unleashes the full potential of robots via dynamic, predictive safety that can be safety certified for ISO 3691-4 and ISO 26262.