Automation Unleashed: Transforming Insurance Analytics with AI and Data

Artificial intelligence, data lakes, process automation. Analytics buzzwords are working their way into modern media and everyday conversations as generative artificial intelligence (AI) such as ChatGPT are showing data novices a glimpse of the technology of the future.

There are many reasons for insurance companies to begin or continue their journey down the automation spectrum, making more tasks less manual each step of the way. Advanced analytics has been around in the insurance and audit world for a long time now. We have studied the impact and benefits of increased use of AI in insurance companies, and below we highlight two ways that Johnson Lambert can help your company leverage the tools at your disposal to use automation for better insights. 

1. Harness the power of data analysis and visualization tools.

AI didn’t appear out of nowhere; people had to write and design the code that allows it to function. How can you put a similar structure in place for your organization without being a coder? Today, there are many low/no code business intelligence and data analytics platforms readily available to meet a variety of needs.

• Data analysis tools can be used to create workflows that can execute internal audit and MAR testing steps at the click of a button. Any data input (user listings, financial data, user data, etc.) can be transformed into an output that reveals trends, findings, or insights that can drive the audit or influence business decisions, and save hundreds of hours testing.
• Data visualization tools have enabled the enhanced ability to communicate complex analysis to high level leaders. These tools have the ability to visualize trends hidden in the thousands of rows of data, perform predictive analysis and ultimately drive internal audit findings and business decisions.

2. Use automation to minimize time spent on controls testing.

One of the most impactful elements of Al is that it offers the ability to perform tasks that normally require human intelligence, streamlining your too-time-consuming tasks. Robotic Process Automation (RPA) can be harnessed and used in internal audit and MAR procedures. In short, RPA has a computer perform clicks and keystrokes just as a human would. In its simplest form, RPA can be used to click through websites, refresh pages, copy and paste data, perform control F lookups, and other tasks that require only a keyboard and a mouse to perform. In addition, RPA also has complex use cases in internal audit and MAR:

• RPA can be used in conjunction with a data analytics tool to fully automate the testing of some controls. Human intervention is only required to review the results and make a final decision, greatly reducing the time and effort required by an internal auditor. 
• RPA can be used behind the scenes to better collect and organize data before an internal auditor views it. RPA can automatically generate a report and make sample selections of data for testing. 

Both of these scenarios allow RPA to be used for continuous monitoring by generating reports and performing testing at any interval defined by the user or based on a triggering event.

Overall, low/no code data analysis and visualization tools and RPA are examples of ways to embark on or further develop your automation journey. Leveraging these capabilities has the potential to significantly improve your internal audit and MAR processes. 

For more information on how we can assist you in your analytics journey contact Kim Mobley, Partner, Business Advisory Services.