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The number of documents that must be processed, their average size, as well as the number and type of extractions and inferences have a big impact on the ROI of automation solutions. But as each organization has different parameters and vendors have different pricing models, there is no rule of thumb to calculate a generic ROI. (Credit: Shutterstock) The number of documents that must be processed, their average size, as well as the number and type of extractions and inferences have a big impact on the ROI of automation solutions. But as each organization has different parameters and vendors have different pricing models, there is no rule of thumb to calculate a generic ROI. (Credit: Shutterstock)

According to McKinsey, 25% of the insurance industry will be automated by 2025 through the implementation of artificial intelligence to overcome bottlenecks and reduce manual processes.

These automation efforts could drive cost savings of $390 billion by 2030, according to a report by Autonomous NEXT. Leveraging intelligent document processing (IDP) and robotic process automation (RPA) is becoming essential for insurance companies in order to keep their competitive edge.

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