The power of automation in insurance reporting

Automation is essential to improving the efficiency and quality of insurers' processes while ensuring compliance with auditors and regulators. Insurers that are able to better leverage automation to improve efficiency, lower their expense ratio and best deploy human capital to make better decisions will have a competitive advantage over their peers.

In this context, we conducted a WTW Insurance Process Automation Survey with Asia Pacific (APAC) insurers. This survey supplements the WTW 2021 Global Automation in Insurance Survey, comprising mainly European and North American insurers, looking at some of the industry trends and aspirations in relation to automation.

We focus specifically on the extent to which automation is already a feature of life and property and casualty (P&C) insurers’ statutory and internal reporting processes and how they may envisage applying it more extensively. We also investigated how and where automation may streamline and improve insurers’ reporting activity.

Our survey results incorporate responses representing 63 insurers within the APAC region.

Survey highlights:

• Compared with the insurers surveyed in the global survey, APAC insurers are less automated than the international norm. And, while their aspirations for the next two to three years are also not quite as ambitious, the gap between today and the projected future is more significant
• P&C insurers in the APAC region are generally less automated than their Life counterparts currently but have higher future aspirations, suggesting the need for extra investment and more rapid progress on their part
• The automation priorities of APAC Life and P&C insurers are in line with the global survey
• APAC insurers’ primary target for upgrading process automation is data
• The gap between the current situation and future automation ambitions is largest in the area of audit trail production.

Download our survey report by completing the form on your right, or below on a mobile device, to access our detailed findings from the survey.

Contacts

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Roger Chan

Regional Technology Engagement Leader, APAC, Insurance Consulting and Technology

Roger is the APAC regional product leader of WTW’s life actuarial software including RiskAgility FM and Unify. He has educational background in both actuarial and IT. He has more than 20 years of experience in actuarial software development and implementation.

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Michael Wong

Regional Business Process Excellence Lead, APAC

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