Industry Buzz:
The conference was abuzz with a diverse array of topics discussed by esteemed speakers and panelists. Every session we attended was brimming with attendees, indicating a keen interest and a pressing need within the industry to engage in meaningful conversations around pertinent issues. From discussions on the emerging applications of new technologies like AI and machine learning, to regulatory challenges, the event encapsulated the dynamic landscape of Insurtech.
Networking Dynamism:
The networking room exuded a real energy, bustling with industry professionals eager to forge new connections and explore potential collaborations. It was a testament to the thriving ecosystem of innovation and collaboration driving the Insurtech sector forward. For Pro MGA Global Solutions, it provided a valuable opportunity to engage with key stakeholders, meet with clients, and explore synergies with technology providers to enhance our service offerings.
Evolution of MGAs:
The European MGA sector stands on the cusp of significant growth, offering insurers unparalleled access to local market knowledge and expertise. At Pro MGA Global Solutions, we are witnessing this evolution firsthand, with a record number of MGAs incubated in 2023 and a promising pipeline for 2024. There was strong interest at the event on the growth opportunities we are witnessing, and our perspective on how MGAs can best navigate new opportunities in Europen together with local markets.
Thriving in Turbulence:
Unlike previous market cycles where MGAs struggled amidst instability, they are now emerging as resilient and indispensable players in the insurance ecosystem. By bridging the gap between insurers and local markets, MGAs are not just surviving but thriving, fueling innovation and delivering tailored solutions to meet evolving consumer needs. This maturation of the MGA model was a key topic of conversation with our network at the event.
Accelerating Growth Trajectory:
As we look ahead to 2024, the stage is set for a milestone year of expansion for MGAs in Europe. What’s driving this growth? It’s a combination of factors, including technological advancements, regulatory support, and a shifting market landscape. With our finger on the pulse of industry trends, Pro MGA Global Solutions is poised to leverage these opportunities, empowering MGAs to navigate the complexities of the insurance market with confidence and agility.
Insurtech Insights Europe 2024 served as a catalyst for dialogue, collaboration, and innovation within the insurance industry. As we reflect on the discussions and insights gained, we are excited about the prospects that lie ahead. We look forward to reconvening in 2025 to chart the progress made and continue shaping the future of insurance together.
Thank you to the Insurtech Insights team for an excellent event. We are looking forward to reconvening in 2025!
Find out more about Pro MGA Global Solutions and get in touch with our team.
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El temor a que la automatización masiva acabe con los puestos de trabajo suele estar sobrevalorado, sobre todo cuando analizamos más de cerca cómo se está aprovechando la automatización para aumentar las capacidades humanas en los seguros. Entonces, ¿está justificado este temor?
En este blog analizaremos cómo la automatización, especialmente en la industria de los seguros, no consiste en sustituir a las personas, sino en mejorar su productividad, transformar la prestación de servicios, garantizar el cumplimiento, mejorar la toma de decisiones y acelerar la digitalización de operaciones complejas.
En Pro Global, la aplicación de la automatización y la IA se considera un cambio en las reglas de juego. Estamos explorando las formas en que estas innovaciones nos permiten evolucionar nuestra forma de trabajar, optimizar los procesos, reducir las tareas manuales repetitivas propensas a errores y, en última instancia, capacitar a nuestro equipo para que se centre en el trabajo que realmente importa.
Considerando esto, Pro Global ha adquirido recientemente la firma Propel Consult, una empresa de consultoría especializada en automatización robótica de procesos (RPA) y socio global de Automation Anywhere, líder en soluciones de automatización inteligente.
Propel Automation es una empresa muy reconocida e innovadora, con una visión compartida y el compromiso de ayudar a las operaciones complejas en crecimiento a trabajar de forma más inteligente, no más difícil. La clave para ello es la optimización y automatización de actividades complejas, que son componentes vitales para ayudar a las empresas especializadas a lograr una mayor eficiencia operativa con recursos limitados.
La clave es que RPA no es un sustituto directo, sino una herramienta que está esperando a ser utilizada de la mejor manera posible por los expertos de la empresa. En este sentido, una de las ventajas más significativas de la automatización en el sector de los seguros es su papel a la hora de acelerar el procesamiento y limpieza de datos.
Al mismo tiempo, el panorama normativo/regulatorio de los seguros es complejo y está en constante evolución. Mantenerse al día con estas regulaciones puede ser una tarea desalentadora, pero la RPA puede programarse para supervisar y garantizar el cumplimiento en tiempo real.
Por ejemplo, el software basado en IA puede revisar las pólizas de seguros y señalar cualquier incoherencia o desviación de la normativa o de las directrices de suscripción, lo que permite a los usuarios intervenir y tomar decisiones informadas basadas en estas alertas. Esto no sólo reduce el riesgo de incumplimiento, sino que también ahorra tiempo y recursos que de otro modo se gastarían en comprobaciones manuales del cumplimiento, y redirige esta experiencia hacia la resolución de los problemas que surgen de la manera más eficiente posible.
Del mismo modo, en lo que respecta al procesamiento, la automatización también tiene el potencial de revolucionar la forma en que gestionamos las tareas, los flujos de trabajo y las aprobaciones.
En el pasado, la tercerización a menudo significaba enviar tareas repetitivas y manuales al extranjero para ahorrar costos. Ahora, la RPA nos permite conservar un mayor control y mejorar la calidad sin dejar de beneficiarnos de un menor ahorro de costos transaccionales.
Por ejemplo, en lugar de tercerizar las tareas de introducción de datos, la RPA puede utilizarse para extraer e introducir datos con precisión y rapidez. De este modo, la mano de obra humana puede concentrarse en tareas de mayor valor que requieren pensamiento crítico, creatividad y resolución de problemas.
Sin embargo, es importante destacar que la automatización no sustituye a las personas en estos procesos, sino que las potencia. Aunque la RPA puede gestionar eficazmente tareas repetitivas y basadas en reglas, el aporte de los humanos sigue siendo esencial para tomar decisiones complejas, ejercer el juicio y garantizar el cumplimiento de las consideraciones éticas.
En el sector de los seguros, la tramitación de siniestros es un buen ejemplo. Aunque la IA puede ayudar en la evaluación inicial de los siniestros, los peritos (humanos) aportan empatía y una comprensión más profunda de situaciones únicas, proporcionando en última instancia un enfoque más holístico y centrado en el cliente.
No tiene sentido automatizar procesos deficientes (a menos que, tácticamente, intente liberar a sus empleados para que dediquen algo de tiempo a alcanzar objetivos estratégicos). No se puede subestimar la importancia de contar con procesos bien definidos y eficientes antes de intentar automatizarlos. En el contexto del sector de los seguros, donde la precisión, el cumplimiento y la satisfacción del cliente son primordiales, las personas desempeñan un papel vital en la creación de buenos procesos fundamentales.
Por tanto, aunque la RPA puede sin duda mejorar la eficiencia y reducir los costos en el sector de los seguros, es esencial reconocer que las capacidades cognitivas humanas, la adaptabilidad, la empatía y la capacidad de toma de decisiones son fundamentales para crear procesos que no solo sean eficientes, sino también conformes, centrados en el cliente y adaptables a la naturaleza dinámica del panorama de los seguros.
En última instancia, el temor a que la RPA masiva acabe con los puestos de trabajo en el sector de los seguros, o en cualquier otra industria, suele ser exagerado. La digitalización de los servicios no siempre consiste en reducir el número de empleados, sino que tiene más éxito cuando tiene en cuenta los objetivos empresariales y desarrolla soluciones híbridas y mejoradas que combinan lo mejor de la mano de obra digital y humana
Name: Louisa Pavis
Job title: Head of Digital Services
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Watch Danny Maleary, CEO of Pro MGA Global Solutions, at the BIBA conference speaking with Sofia Geraghty on advice for MGAs joining the market
Published with the kind permission of Insure TV
Name: Danny Maleary
Job title: CEO, Pro MGA Global Solutions
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In the dynamic landscape of Managing General Agents (MGAs), where ambition meets opportunity, Pro MGA Global Solutions stands out as the leading catalyst for entrepreneurial talent both in terms of the companies we support, and our in-house team.
With strong growth momentum in 2024 on the horizon, we are gearing up for a year of remarkable expansion.
Unlocking Potential Through Learning and Growth
At Pro MGA Global Solutions, we understand that continuous learning and development are the cornerstones of success. We are, after all, a people business and our commitment to training and nurturing talent is unwavering. We view ourselves not merely as a team but as a thriving community that values and invests in its people.
Our dedication to personal and professional growth empowers our team to excel in their roles, ensuring that we deliver exceptional service, advice and support to our ambitious clients. We firmly believe that investing in people is an investment in future growth, and this philosophy sets us apart in the industry.
Diverse, Inclusive, and Forward-Thinking
Diversity and inclusivity are embedded in our DNA, not as a forced agenda or tick-box exercise, but as a natural reflection of our commitment to nurturing the next generation of talent. Our team is a vibrant mosaic of perspectives, backgrounds, and skills, creating an inclusive environment where innovation thrives.
As we expand our horizons in 2024, we aim to increase brand awareness and attract new clients by showcasing the depth and breadth of expertise within Pro MGA Global Solutions. Our team boasts extensive experience in the Lloyd’s and global company markets, spanning brokers, service providers, and insurers. Moreover, we possess a profound understanding of the MGA landscape on an international scale.
Read more from our team here – Meet the team
Pro MGA Global Solutions: where ambition meets opportunity, and talent is nurtured to thrive.
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Andrew Saunders
Tell us about your job at Pro MGA Global Solutions
Having started at Pro MGA five months ago, I have learned that the Account Manager role is one of great adaptability and creative thinking. One of the positives of the role is that no two clients are the same in terms of their requirements, the risks they bind, the queries. There is an element of spinning plates but getting to know the clients is a rewarding part of the Job. Getting an MGA up and trading is a really fulfilling and rewarding part of the role.
What is your perception of innovation in the MGA sector?
MGAs have the opportunity and position to be more agile than big insurers. MGAs can build their business on or around technology whereas the big companies are often slower to get the product/idea to market. MGAs also have the possibilities of becoming experts within a field; they can showcase their knowledge and understanding within a sector/class of business which enables them to connect more with their clients and add value.
What do you enjoy about working at Pro MGA Global Solutions?
The team, the culture and the knowledge of our people. Positions and roles can change but people don’t. Pro MGA has a superb team in place with such a variety of skills. It makes asking questions easy, which helps develop confidence and knowledge.
What advice would you offer someone thinking of joining the MGA sector?
Do it, it’s like no job you have done before. You will learn how to find solutions in different ways than you do now. As every client is different, no day is the same – it’s a job that will never bore you. It can be extreme but if you get on with the clients, it’ll be enjoyable and extremely rewarding.
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Zakk Powell
Tell us about your job at Pro MGA Global Solutions
My role at Pro MGA is to incubate prospective MGAs from an idea to an appointed representative with the vision of becoming a fully-fledged, fully FCA-authorised entity. Alongside this, I have also recently begun supporting MGAs in bringing about solutions to their needs, whether that be developing a new class of business or system to make their MGA more accessible. It is extremely interesting piecing together a puzzle when the final outcome isn’t completely clear; there are multiple avenues that need to be explored and decisions required on which one would fit best with the client’s ongoing needs.
What is your perception of innovation in the MGA sector?
Having only been with Pro MGA for four months, I am still learning the role. However, my eyes have been opened to the world of MGAs and their attraction in improving the insurance market.
It appears to me that the MGA sector is at the forefront of innovation in the insurance market; we are seeing more technology companies joining the MGA sector and introducing their systems and products to the market. While many established insurance companies are more likely to be inflexible to change, newer and less established MGAs are willing to embrace these products and bring them into the limelight – and the success from these adoptions will push the rest of the sector to improve their own products and drive innovation.
In my short tenure at Pro MGA, I have seen next-gen ledger systems, quote and bind systems, as well as other novel insurtech systems which in time will drive further change through competition in the market.
What do you enjoy about working at Pro MGA Global Solutions?
Working in the Pro MGA team, we see a multitude of differing MGA prospects all with different challenges. I enjoy adapting my style to work through these challenges. Being new to the team, I have also felt really well supported by all my colleagues from all sections of the business; C-Suite, Compliance and Account Management who all strive to achieve the shared common goal of helping our clients shine and succeed.
What advice would you offer someone thinking of joining the MGA sector?
My biggest piece of advice would be to have a growth mindset as it is an ever-evolving sector that is embracing change and growing to be an essential part of the insurance industry as a whole.
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Samantha Game
Tell us about your job at Pro MGA Global Solutions
I am responsible for managing our portfolio of retail Appointed Representatives (ARs) and I work with our clients throughout the onboarding process right through to business-as-usual. I’m the first point of contact for any queries, be that compliance or operational matters.
I have a retail background and have worked to create and develop MGAs in previous roles. This allows me to understand our clients’ trading models and end-to-end processes, which I think is important. A big part of my role is to manage the needs and expectations of both external and internal stakeholders. My goal is to achieve a balance between regulation and innovation. I work with our clients to ensure they are achieving their objectives, while remaining consistent with FCA guidelines.
What is your perception of innovation in the MGA sector?
I see so much innovation within the MGA sector. MGAs are identifying common frustrations in the market and offering solutions to the consumer. This could be by providing innovative products, or through the addition of new technology which lessens the pain of grudge purchases, such as car insurance. Our retail clients are very forward thinking, particularly when it comes to their customers. The recent FCA regulations around Consumer Duty, for example, have been covered off very well by retail MGAs even before these guidelines were created. Ultimately, an MGA’s objective is to provide niche products and offer great service levels to the end customer.
What do you enjoy about working at Pro MGA Global Solutions?
Firstly we have great clients with new thoughts and ideas about how to improve the market, which is always exciting to be a part of. As a team we are keen to collaborate, support one another and share ideas. We also have a brilliant leadership team promoting employee progression within our business.
What advice would you offer someone thinking of joining the MGA sector?
If you are looking to start an MGA as a business owner I say, go for it! The MGA sector is all about changing conventional processes created by traditional corporate entities. As a new MGA to market you should consider the importance of your compliance and operational functions. Very often premium income is the lead metric for success, but running a profitable book in a compliant way is key for longevity.
There are real growth opportunities for anyone looking for a career in the MGA sector particularly with companies like Pro MGA, which are providing outsourced services such as compliance. The potential for learning is huge.
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We’ve all experienced that surreal moment – an out-of-body experience where we find ourselves questioning if we’re in the right movie. It’s that instant when we recognise a familiar script, an ending we’ve seen before and didn’t quite fancy. Yet, it is precisely during these periods of revolutionary change that we find the greatest opportunity to transform ourselves and how we work.
In the midst of uncertainty lies the chance to shape a better future. The critical question we must confront is whether to remain in the imperfect but familiar or take a bold step into the hopeful unknown.
In this age of digital evolution, traditional metrics like IQ are giving way to the prominence of Learning Intelligence (LQ). The future is unfolding before us, and it’s being written live – in the workplace.
To be a successful leader in the digital era requires continuous learning. This means fostering a culture of experimentation, creating a safe space to push boundaries, and embracing the inevitability of failure. By failing small and often, we accelerate the learning experience, gaining insights into our performance limits and pushing beyond them.
The key to success lies in building Learning Intelligence within the context of your business. But why isn’t this happening more widely right now? The answer lies in the increasing pace of change and the overwhelming operational demands placed on individuals. Finding time to pause, reflect, rethink, and allow learning to happen is a challenge.
So, what are you doing to cultivate Learning Intelligence in your organisation?
The critical first step is recognising the need for digital enablers that empower you to work smarter, not harder. These tools create the capacity you need to stay relevant in a world that is constantly evolving. It’s about achieving more with less and making room for meaningful work to flourish.
At Pro Global, our Digital Services team understands the challenges faced by complex and specialty businesses. We advocate for a human-driven, technology-enabled, outcome-led approach to digital services. Our focus is on helping you make work more human, ensuring that digital transformation enhances, rather than hinders, the human experience.
Our unique approach digitises meaningful work, emphasising collaboration and synergy between human capabilities and technological advancements. By doing so, we empower organisations to navigate the digital era successfully.
If you’re interested in learning more about our human-driven, technology-enabled, outcome-led approach to digital services, feel free to get in touch. Let’s explore how we can help your business thrive in the age of digital transformation.
Name: Louisa Pavis
Job title: Head of Digital Services
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This interview was originally published in Insurance Business and is shared with the kind permission of the publication. Read the original here
“The MGA market is nicely positioned for growth. We’ve seen some great interest and support from insurers, reinsurers and investors, and the market continues to be buoyant. The art of the possible is quite immense right now.”
In conversation with Insurance Business, Pro MGA Solutions CEO and long-time proponent of the MGA market, Danny Maleary (pictured) shared what’s shaping discussions on where the MGA sector stands heading into 2024. It’s a topic of conversation dominating the agenda for him and his team as six years into their journey, they look to their next three-year plan. It’s a real reflection point for the business, he said, as well as an opportunity to explore what’s next on the growth agenda.
With 32 clients and 43 MGAs currently under management, Pro MGA Solutions supports 29 classes of business across multiple territories, he said, and is targeting 60% year-on-year growth for FY 2023. Maleary added that he’s delighted to announce that the firm has reached the US$1 billion GWP under management mark and is now poised for significant territorial expansion beyond the UK, Europe and the US, with its sights set on LatAm (through Mexico) and Asia (through Singapore).
“It’s all about growth for us right now, which is why we’re reflecting on 2023 as we look into 2024 in terms of our relationships and partnerships – the good, the bad and the indifferent,” he said. “We’re looking at what we should tweak and what we shouldn’t. And we’re having those conversations around strategic partnerships and tactical partnerships, about how we grow and where we grow in 2024 – and what that means for us, our clients and our partners.”
With Pro MGA Solutions seeing circa seven-to-10 new MGA opportunities a month, Maleary is well placed to take the temperature of the market. What’s been interesting to see, he said, is that the business’s declinature rates have decreased from about 80% to about 62% which reflects that the quality of MGA and business plan that he’s now seeing is much higher than it has been historically.
In the past, Maleary has hailed MGAs as a “crucible for innovation” and that still stands true today, though he has seen a slight slowdown in the market when it comes to insurtech opportunities. Generally speaking, he said, the quality of MGAs from a technology perspective continues to be very strong, and what’s been great to see is that, for the first time, technology MGAs are starting to come together to create hybrid tech stacks. This kind of collaboration just didn’t happen before, so it’s great to see the market taking such a grown-up approach.
Looking at the MGA market in Europe, he noted that insurance brokers are helping to drive the demand for innovative products that look to support their clients’ growth agendas. It’s also interesting to see how the MGA sector in Europe is taking up that mantle and helping to shape that innovation and technology-led approach to enabling the creation of products and services that better align with clients’ needs.
Of course, each territory is different and so has different requirements, he said, which is why his team places such a premium on having the agility and nimbleness necessary to cater to such a wide range of clients. Zeroing in on the UK, he emphasised the opportunities presented by embedded insurance as high-profile brands are increasingly looking to offer an embedded insurance proposition to their customers.
“They’re really looking to create an ecosystem where their clients can become ‘stickier’ than they currently are,” he said. “They’re keen to really listen to what their clients want and expect from them. For example, when I’m buying a watch or an e-bike, if I could be insuring that product at the same time that I’m buying it via a simple QR code scan because I know that insurance proposition is embedded in the price then, as a customer, that just simplifies my purchase.
“For individuals, insurance is still seen as a necessary evil so anything that can be done to simplify how they buy it – as long as we’re extremely transparent from a product perspective and a combat risk perspective – then the happier customers will be. And I’m seeing a lot of movement in that space.”
Assessing the long-term viability of the MGA model, Maleary attested that “MGAs are here to stay.” The model has proven itself time and time again as a primary source of new and innovative propositions to insurers, he said, which will continue as long as MGAs are structured and positioned correctly. There’s still plenty of work to be done in the space and within individual entities to ensure they remain fit for purpose, he said, but it’s the ever-changing nature of the market that makes it so interesting.
“You just have to continually refresh and reflect and move on,” he said. “That’s the only way to ensure you stay ahead of what the market’s looking for and that you get a real feel for where it goes next. MGAs are very good at that which is why they’ve been embraced for the last five or so years and why I feel they’ll continue to be embraced going forward.”
Name: Danny Maleary
Job title: CEO, Pro MGA Global Solutions
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London, 20th November, 2023: Pro MGA Global Solutions (Pro MGA), the independent managing general agent (MGA) incubation division of global re/insurance trusted guidance provider, Pro Global Holdings Limited, is pleased to announce that it has been appointed by technology-led underwriter of parametric risk transfer, climate and weather reinsurance, Arbol Inc (Arbol), to support its UK launch and international MGA expansion strategy.
Arbol is a global leader in climate risk solutions and is expanding into the UK by launching a new London-based MGA which will service the international insurance markets outside the U.S. Arbol’s UK MGA will offer a range of products for the agriculture, renewable energy, and construction industries, and it will use its UK partnerships with capacity providers and brokers to broaden its global network.
Pro MGA will deploy its full incubation services including its unique turnkey solutions as an appointed representative, providing Arbol with the necessary strategic and regulatory oversight as well as back office services to ensure its continued successful and compliant growth.
Danny Maleary, CEO of Pro MGA Global Solutions, said:
“We are delighted to be supporting Arbol’s UK and international growth ambitions for its MGA strategy, and look forward to helping the company to realise its important expansion plans in this sector. We very much look forward to working with the Arbol team as they continue their mission to empower organisations and individuals to achieve financial climate resilience.
As a leading independent MGA incubator platform, we are known for our ambition to provide an innovative and entrepreneurial platform – including regulatory support, operational infrastructure, compliance assistance, risk management expertise, and industry connections – through which forward-thinking companies can expand into new markets with far greater confidence.”
Sid Jha, CEO and Founder of Arbol, commented:
“Our expansion into the UK is a key moment for Arbol as we continue to provide businesses with straightforward and practical tools to manage climate risks. Our London-based MGA combines the proprietary technology, data, and underwriting tools of the Arbol ecosystem with our team’s global expertise in structuring climate solutions – thereby offering businesses a reliable shield against seasonal and catastrophic climate risks.
The strength of Pro MGA’s regulatory support and appointed representative framework were key factors in our decision to partner with them and we are looking forward to working with Danny and his team as we embark on the next chapter of our growth journey.”
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London, 14th November 2023: Pro MGA Global Solutions (Pro MGA), the independent managing general agent (MGA) incubation division of global re/insurance trusted guidance provider, Pro Global Holdings Limited (Pro), is pleased to announce today the appointment of Hans Martin Døhlen as Managing Director of the company’s European platform, Pro MGA Solutions Europe GmbH, and Director of Underwriting.
Based in Berlin, Germany, Hans will be responsible for the growth of Pro MGA’s business in Europe, including MGA incubator and facility services, as well as oversight of all underwriting activities. Hans reports to Pro MGA CEO, Danny Maleary.
Hans brings with him over 15 years’ experience in the European insurance industry, working across 5 different countries. Hans was with AIG in Europe for over 10 years during which time, he held a number of financial lines underwriting and team leader positions before becoming Executive Manager for North Europe. Previously, Hans was managing director at a MGA and Lloyd’s Syndicate. Hans is very passionate about the insurance industry and is a pioneer of innovation, as well as being a big InsurTech enthusiast.
Danny Maleary, CEO of Pro MGA Global Solutions, said:
“There are strong growth opportunities across Europe for the MGA sector and for innovative underwriting partnerships with key stakeholders, and I am very pleased to welcome Hans on board to spearhead our expansion across the region. His deep expertise, entrepreneurialism and insights make him the ideal person to develop our business in the European MGA market, and he will focus on growing our footprint in both establishing new MGAs and supporting insurers and reinsurers in accessing local distribution via the MGA model – an area that we believe is ideally positioned for significant growth in 2024. I know that we will benefit enormously from Hans’s breadth and depth of market expertise.”
Hans Døhlen, Managing Director of Pro MGA Solutions GmbH and Director of Underwriting, commented:
The MGA sector in Europe is set to grow significantly and the need for local market knowledge and expertise, creates a unique value proposition for (re)insurers. With Pro MGA, prospects and their key stakeholders get a true partner that helps them move seamlessly into regulatory territories and supports them on their growth journey. Pro MGA has helped to set up more than 25 MGAs in Europe and I am extremely excited to bring my extensive experience and expertise of local markets as we look to expand further in 2024 and beyond. As a big supporter of Innovation, I am thrilled to support MGA’s on their quest to make a difference in our Industry.
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Fears of mass automation taking jobs are often overrated, especially when we take a closer look at how automation is being leveraged to augment human capabilities in insurance. So, is this fear justified?
In this blog, we’ll explore how automation, particularly in the insurance sector, is not about replacing humans but rather enhancing their productivity, transforming service delivery, ensuring compliance, improving decision making, and accelerating the digitisation of complex operations.
At Pro Global, the application of automation and AI is seen as a game-changer. We are exploring the ways that these innovations allow us to evolve our ways of working, optimise processes, reduce repetitive manual tasks prone to error, and ultimately, empower our team to focus on work that truly matters.
Indeed Pro Global recently acquired Propel Consult, a consultancy business specialising in Robotic Process Automation (RPA) and a Global Partner of Automation Anywhere, a leader in intelligent automation solutions.
Propel Automation is a highly respected and innovative business with a shared vision and commitment to help growing complex operations to work smarter, not harder. Key to this optimising and automating complex activities, which are vital components to supporting specialty businesses in achieving greater operational efficiency with limited resources.
The key takeaway here is that RPA is not a straight replacement; it’s a tool that’s waiting to be used to best effect by business experts. For instance, one of the most significant benefits of automation in the insurance sector is its role is accelerating data ingestion and cleansing, for instance.
At the same time, the regulatory landscape for insurance is complex and constantly evolving. Keeping up with these regulations can be a daunting task, but RPA can be programmed to monitor and ensure compliance in real-time.
For example, AI-powered software can review insurance policies and flag any inconsistencies or deviations from regulations or underwriting guidelines, allowing humans to step in and make informed decisions based on these alerts. This not only reduces the risk of compliance violations but also saves time and resources that would otherwise be spent on manual compliance checks, and redirects this expertise towards solving challenges that arise as efficiently as possible
Similarly, when it comes to processing, automation also has the potential to revolutionise how we manage tasks, workflows and approvals.
In the past, outsourcing often meant sending repetitive, manual tasks offshore to save costs. Now, RPA allows us to retain more control and improve quality while still benefiting from reduced transactional cost savings.
For example, instead of outsourcing data entry tasks, RPA can be used to extract and input data accurately and quickly. This way, the human workforce can concentrate on higher-value tasks that require critical thinking, creativity, and problem-solving.
However, it’s important to emphasise that automation does not replace humans in these processes; it empowers them. While RPA can handle repetitive and rule-based tasks efficiently, human input remains essential for making complex decisions, exercising judgement, and ensuring ethical considerations are met.
In the insurance sector, claims processing is a prime example. While AI can assist in the initial assessment of claims, human adjusters bring empathy and a deeper understanding of unique situations to the table, ultimately providing a more holistic and customer-centric approach.
There is no point automating bad processes (unless you are tactically trying to release your humans to dedicate some time to delivering strategic objectives). The importance of having well-defined and efficient processes before attempting to automate them cannot be understated. In the context of the insurance industry, where accuracy, compliance, and customer satisfaction are paramount, humans play a vital role in creating the foundational good processes.
So while RPA can undoubtedly enhance efficiency and reduce costs in the insurance industry, it’s essential to recognise that human cognitive abilities, adaptability, empathy, and decision-making skills are critical for creating processes that are not only efficient but also compliant, customer-centric, and adaptable to the dynamic nature of the insurance landscape.
Ultimately, the fear of mass RPA taking jobs in the insurance sector, or any industry for that matter, is often exaggerated. Digitisation of services is not always about reducing headcount, it is most successful when it is taking the business goals and developing hybrid and augmented solutions that combine the best of both the digital and human workforce.
At Pro Global, we’ve witnessed firsthand how RPA, data and analytics can enhance our workforce’s capabilities and how we work, making it possible for us to work smarter, not harder and share the gains with our clients. So, instead of fearing new technology advancements, let’s embrace it as a tool that can help us redefine our roles in the evolving world of work.
This is a very exciting time for our business as we leverage our extensive and differentiated proposition – a transformative and innovative offering backed by operationally equipped experts.
Further Reading:
Pro Global Announces Acquisition of Propel Consult
Name: Louisa Pavis
Job title: Head of Digital Services
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