Due to increasingly complex, interconnected and automated processes, 80% of insurance companies fear “digital chaos”.
This is according to a report from automation firm Camunda that also found organisations now manage an average of about 50 endpoints to execute tasks that are part of a process in their business. This is an increase of 19% over the past five years.
Go deeper with GlobalData
Furthermore, a lack of control has increased compliance risks for 80% of insurance organisations, while 84% report higher risks of core business processes failing.
Alarmingly, 84% believe that, if these risks go unchecked, they could lead to what could be described as “Automation Armageddon.”
“End-to-end process orchestration and automation are critical to delivering business outcomes. However, today’s digital infrastructures and processes are both complex and interdependent, making it a significant challenge,” said Kurt Petersen, senior vice president, customer success, at Camunda. “In a constantly evolving landscape, organisations often struggle with siloed tools and technologies, which hinder their ability to streamline operations or achieve full visibility. Without decisive action, automation programs risk overwhelming organisations with fragile solutions, lack of comprehensive governance, excessive total cost of ownership, and increasingly reduced agility to meet changing business needs. Ultimately, companies who can’t get their automation under control will lose out to savvy competitors who have mastered process orchestration and automation.”
“If organisations are to successfully operationalise AI across their entire business, AI applications and services must be orchestrated like any other endpoint within automated business processes. This will ensure they remain compliant and maximise the return on investment from their AI investments. Process orchestration is the key to managing complexity, connecting legacy systems, and coordinating diverse endpoints. Without it, hyperautomation and the autonomous enterprise will remain out of reach for most organisations,” added Petersen.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
