Man versus Machine - The Rise of the Robo Actuary
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- Frederick Ferguson
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2 Man versus Machine - The Rise of the Robo Actuary Marc Mer, Gloria Yu, Adam Karasiewicz Deloitte This presentation has been prepared for the Actuaries Institute 2017 Actuaries Summit. The Institute Council wishes it to be understood that opinions put forward herein are not necessarily those of the Institute and the Council is not responsible for those opinions.
3 Historical Disruption Current Disruption Future Disruption The rate of improvement The over rate the of improvement last 5 years in a over machines the last ability 5 to perform tasks traditionally years in thought a machines to require ability human to perform tasks intelligence is astounding. traditionally thought to require human intelligence is astounding. We are entering a new era, the next big technology revolution, where intelligent machines will work with humans. We are entering a new era, the next big The shift has started, technology organisations revolution, are re-thinking where traditional intelligent work and augmenting it with machines will capability. work with humans. The shift has started, organisations are rethinking traditional work and augmenting it with machine capability. WE ARE HERE 3
4 Agenda What is RPA? Why use it? How do I decide what to automate? Where can RPA be applied within insurance? What does this mean for me and my organisation? 4
5 WHAT IS ROBOTIC PROCESS AUTOMATION? 5
6 What is Robotic Process Automation? RPA mimics human interactions with software applications, to automate repetitive, rule-based processes RPA is RPA is not Computer coded software Walking, talking auto-bots Programs that replace humans performing repetitive rules-based tasks Physically existing machines processing paper Cross-functional and crossapplication macros Artificial intelligence or voice recognition and reply software 6
7 What is RPA? It s different from other types of automation it is quick to implement, mimics human processing and minimises the need for costly system integration Software, commonly known as a robot, is used to capture and interpret existing IT applications to enable interaction across multiple IT systems Multiple robots can be seen as a virtual workforce a back office processing centre but without human resources What is a Bot? A bot is configurable software, which is set up to perform tasks you assign and control Typically, each bot runs one end-to-end process, which usually consists of many sub tasks Additional bots can be added to tackle complex processes HUMAN WORKFORCE VIRTUAL + = WORKFORCE FUTURE WORKFORCE 7
8 How does RPA fit in my team/organisation? The virtual workforce reports to the same managers as the human team members, and is controlled by the Robot Manager Team Leader Team Member Team Member Team Member Virtual Team Member/s (Robots/s) Process Automation Management Robot Manager Small-to-medium fixes and tweaks 8
9 Key Tools / Technologies Complexity Our view on the state of the market The different flavours of process automation Maturing Emerging Time Robotic Process Automation Cognitive Computing Artificial Intelligence Mimics Human Actions & Decisions Mimics Human Judgment Augments Human Intelligence Siri 9
10 Robotics that help streamline tech capabilities Examples SoftBank s Pepper the robot The robot can provide basic information as well as information on discounts Virtual bots 1. Chatbots in Insurance, eg: LINA Korea s chatbot through a mobile messenger app 2. Next Insurance launched of the world s first full insurance sign up via Facebook Messenger. Amelia Upload complex technical manuals, digest this in seconds and then answer questions or execute tasks IBM Watson Explorer Eg. Fukoku Mutual Life Insurance. Calculate payouts to policyholders by analysing your medical data (eg: length of hospital stays, and prescriptions needed to make insurance payouts) 10
11 WHY USE RPA? 11
12 Why RPA? RPA provides organisations with solutions that can be implemented both quickly and cost effectively without large IT integration effort Organisational Challenges Cost Increasing competition and customer expectations Reliability In control, reliable processes, in accordance with laws and regulations Quality Uniform, high quality output Growth Growth ambition, regulatory, consumer and technology trends Scalability Fully scalable, nimble, low-cost operating model Traditional solutions Process improvement / cost reduction Outsourcing and offshoring of business processes and IT Core system replacement System integration Move to digital, mobile, and self service Alternative solution Robotic Process Automation (RPA) A new alternative which can be implemented faster, more cheaply, and be more flexible than traditional solutions 12
13 Risk Low Medium High What? Why? How? Where? So What? Increased process speed A reduction in cycle time, with zero fatigue Benefits of RPA RPA is a complementary process transformation option driving value with low cost and low risk Reduction in error Double digit reduction in error IT Transformation Increased compliance Rules based automation enforces compliance requirements and keeps audit trails 100% of the time Offshoring Outsourcing Flexible and scalable Scale up or down based on demand Non-invasive technology No major IT changes or deep integration with underlying systems RPA Detailed data capture Tasks performed can be monitored and recorded at every step Low Medium Cost * Size of the bubble = benefit to the organisation High 13
14 Robotic automation tools are up to 65% less expensive than offshored based full-time employees Everest Group s Finance and Accounting Outsourcing Annual Report
15 Proportion of Responses What? Why? How? Where? So What? What is your view on robotics/automation? 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% A useful automation tool, but the big prize will come with cognitive and AI technologies A temporary stop-gap until my core systems get better An operating model play, enabling the introduction of a digital workforce A pure technology implementation A fad that will disappear in a few years 15
16 HOW DO I DECIDE WHAT TO AUTOMATE? 16
17 Is my process a candidate? Rote consolidation of disparate data sources? Manual retrieval of data from legacy systems? Rekeying or resubmitting of data? No subjective input? Manual interrogation of multiple systems? Repetitive data gathering? Sweet spot for RPA Quick Wins 17
18 What processes are suitable to deploy with RPA? Anything that is rules based and repetitive Shared Services is a good place to start. Finance processes Operational processes HR processes Procurement processes 18
19 RPA in action < 19
20 WHERE CAN AUTOMATION BE APPLIED WITHIN INSURANCE? 20
21 Finance Operations Insurance Operations What? Why? How? Where? So What? New Business Core Insurance Processes Policy/Customer Management Policy Admin Claims Management Policy Issue Quotation Application Management Underwriting Distribution Service Customer Comms Customer Service Policy Changes Renewals Lapse/ Retention Management Reinsurance Administration Payment Validation Approval Notification Distribution Management Onboarding Offboarding Commissions/ Remuneration Product Development Customer Research Product Management Distributor Research Experience Analysis Pricing Competitor Research Reinsurance Management Key Likely high usage of RPA Transaction Processing External Reporting Likely medium usage of RPA General Leger Accounting Record to Report (General Accounting) Consolidations Monthly / Quarterly Close Financial Reconciliation Purchase to Pay Requisition Materials Purchasing / Procurement Order Entry Order to Cash Billing Legal Entity Reporting External Reporting Statutory Reporting Investor Relations Likely low usage of RPA Likely no usage of RPA Fixed Asset Accounting Tax Planning / Accounting Benefits Admin / Accounting Inquiry Handling Payment Processing Accounts Payable Cash Application Collections Additional Regulatory Reporting Rating Agency Relations Strategic Planning Planning Budgeting & Financial Planning Forecasting Expense / Revenue Allocations Business Decision Support Management Reporting Performance Measurements Multi- Dimensional Reporting Profit Center / Customer / Producer Profitability Acquisitions & Divestitures Specialised Expertise Risk Management Actuarial Analysis Real Estate Mgmt. Finance Management Finance Function Management Human Performance Management Accounting / Tax Policy Internal Audit Control Financial Analysis Internal Consulting Project Management Business Liaison Training & Development 21
22 Existing tools can assist in the following ways: Actuarial examples Data Using rules-based processes and data automation to mimic human actions Extract data Manipulate and prepare data Data integrity checks Flag data errors and attempt to correct Reconcile data Model Using cognitive automation to enhance the actuarial reserve review process Run projections, summarise, check and group results End-to-end without human intervention Workflow management Modelling of development factors and patterns Reporting Using natural language generation to augment actuarial memorandum generation Document selected assumptions Provide audit trail Provide issue log Generate reports 22
23 Current extent of automation Fully automated (I am a robot myself) 5 We have successfully automated most manual processes 4 We have successfully automated a number of manual processes 3 We have trialled / are trialling automating a couple of processes 2 No automation 1 Distribution Data Warehouse Underwriting Pricing Reserving Portfolio Management Capital management / Reinsurance / Investment Reporting Claims management Staff management 23
24 Effectiveness of current automation Very effective 4 Effective 3 Somewhat effective 2 Not effective at all 1 Distribution Data Warehouse Underwriting Pricing Reserving Portfolio Management Capital management / Reinsurance / Investment Reporting Claims management Staff management 24
25 Can your organisation benefit from more automation? Yes No 25
26 Where would you like to be in 5 years time? Fully automated (I am a robot myself) 5 Current 5 years' time We have successfully automated most manual processes 4 We have successfully automated a number of manual processes 3 We have trialled / are trialling automating a couple of processes 2 No automation 1 Distribution Data Warehouse Underwriting Pricing Reserving Portfolio Management Capital management / Reinsurance / Investment Reporting Claims management Staff management 26
27 Where would you like to be in 5 years time? Fully automated (I am a robot myself) 5 General Insurer / Reinsurer only Life insurer / reinsurer only Conglomerate General & Life Insurer / Reinsurer We have successfully automated most manual processes 4 We have successfully automated a number of manual processes 3 We have trialled / are trialling automating a couple of processes 2 No automation 1 Distribution Data Warehouse Underwriting Pricing Reserving Portfolio Management Capital management / Reinsurance / Investment Reporting Claims management Staff management 27
28 To what extent do current processes need to be reengineered as part of automation? End to end or significant process re-engineering (good opportunity to rethink processes) Re-engineering only where there is significant benefit Slight process tweaks where this makes sense No process change unless absolutely required to enable automation technologies Large Medium Small Not sure 0% 10% 20% 30% 40% 50% 60% 70% Proportion of Reponses 28
29 Obstacles that may hinder automation adoption Lack of awareness of the technologies/benefits/possibilities available Archaic systems / Push back from IT department Inertia Too costly to develop and implement Not enough potential benefits from automation Lack of catalyst from top management No incentive to make changes to the status quo Everyone is too busy in their current role to make any changes to the status quo 0% 10% 20% 30% 40% 50% 60% Proportion of Responses 29
30 WHAT DOES THIS MEAN FOR ME AND MY ORGANISATION? 30
31 The Deloitte Millennial Survey 2017 shows that: 40 percent see automation posing a threat to their jobs 44 percent believe there will be less demand for their skills 51 percent believe they will have to retrain 53 percent see the workplace becoming more impersonal and less human 31
32 How do you feel about impact of automation/robotics on your job? 0% 3% Strongly Negative / I feel my job is threatened 26% Negative 41% Neutral Positive 31% Highly Optimistic: automation will remove the repetitive tasks in my role and make my job more interesting 32
33 Automation in your career Doctors IBM s Watson is being trained to diagnose and treat cancer Lawyers Robot lawyers can help unrepresented people tell their story in criminal cases Actuaries Historically the focus of automation has been on the calculation engines, but more focus is being paid to the other ends of the process. 33
34 Proportion of time spent What? Why? How? Where? So What? Automation in the Actuarial profession 1. Hypothesising 1. Hypothesising 2. Modelling and results collation 2. Modelling and results collation 3. Decisions and actions 3. Decisions and actions Today Future 34
35 How can we prepare for more widespread automation/robotics? Embrace the change and don t be afraid Focus on value adding activities Understand the possibilities Upskill to capitalise on opportunities Develop judgement and soft skills 35
36 Discussion THE END 36
37 APPENDIX 37
38 Skills robots can bring to insurance processes The Seven Key Robotic Skills Gather and Collate Validate and Analyse Record Calculate, Decide and Produce Orchestrate and Manage Transport and Communicate Report Data search and retrieval (internal and external secure site access) Data collation and aggregation/ consolidation Data mapping and verification/ validation Error pattern analysis and identification Unstructured data collation and analysis Recipient data entry and logging Multiple interface data entry Archive metadata and information Automated calculations Rules-based decision making Analysis and natural language report and output production Data review and task workflow assignment Task allocation and handoff processing Data migration and testing (one-to-one; one-many; many-one; many-many) Automated notifications to staff, suppliers and customers Automated reporting on robotic activity and performance 38
39 Current extent of automation Fully automated (I am a robot myself) 5 Small Medium Large We have successfully automated most manual processes 4 We have successfully automated a number of manual processes 3 We have trialled / are trialling automating a couple of processes 2 No automation 1 Distribution Data Warehouse Underwriting Pricing Reserving Portfolio Management Capital management / Reinsurance / Investment Reporting Claims management Staff management 39
40 Effectiveness of current automation Very effective 4 General Insurer / Reinsurer only Life insurer / reinsurer only Conglomerate General & Life Insurer / Reinsurer Effective 3 Somewhat effective 2 Not effective at all 1 Distribution Data Warehouse Underwriting Pricing Reserving Portfolio Management Capital management / Reinsurance / Investment Reporting Claims management Staff management 40
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