Insurers are primed to drastically boost their spending on robotic process automation (RPA) over the next five years as they seek to spur revenue growth by cutting costs. The prediction is also that insurers will likely spend $634 million by 2024 in RPA compared to $134 million in 2019. While RPA is the first step in the automation journey, it automates activities or certain processes.
The next stage is using artificial intelligence (AI.) and machine learning (ML) with RPA. This combination has come to be known as intelligent automation (IA) or intelligent process automation (IPA) that combines multiple processes with AI/ML and RPA.
With the benefits and the learnings in these stages, businesses have started applying automation in a holistic way across multiple processes. The latest and the current step in this evolution is hyper-automation—an enterprise strategy aimed at automating and transforming as many businesses and I.T. processes as possible using artificial intelligence (AI) and machine learning (ML) with the coordination of multiple automation tools.
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