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Automation shouldn’t be seen as a short-term fix to help alleviate the challenges of COVID-19 but more as an integral component of the business to derive value and help mitigate future uncertainty. (Photo: putilov_denis/Adobe Stock)

There’s a perception that automation is merely about time and cost reduction, replacing people and making things more efficient. This is an obvious potential benefit, but automation can be so much more. What would you do if you had twice the staff and double the time? This is what automation can help the insurance industry achieve: unlocking potential and bringing value to our businesses.

There is rising demand by insurers to better utilize modern technologies, such as cloud computing and automation, to meet rapidly increasing future needs due to cost challenges, regulatory pressures and gaining more-informed insights from actuarial, risk and finance. This trend continued throughout the pandemic as employees switched to remote working. Initially, this disrupted the way we do business and underscored the industry’s need to leverage automation better.

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