The traditional insurance industry faces increased pressure from insurtech companies due to the new capabilities they are bringing to the market. 61% of insurers say their top concern about insurtechs is changing customer expectations. This concern is well-founded as 41% of consumers are likely to change their insurers due to a lack of digital capabilities.
In response, insurance companies are speeding up their digital initiatives and the COVID-19 pandemic has been a catalyst for this transformation. The next step in digital transformation is hyperautomation: combining traditional automation technologies such as RPA with intelligent technologies such as AI, process mining, or chatbots to automate as many business processes as possible. According to Gartner, hyperautomation is inevitable and is quickly becoming a condition of survival rather than an option for businesses.