Artificial intelligence, robots and other forms of sophisticated technology must be part of life insurers’ strategies in a rapidly changing industry, advisory group DST says.

Accepting the so-called “robot revolution” is one of five steps towards achieving operational excellence.

“In the years to come, technology will have an ever-more dramatic impact on the productivity, effectiveness 
and sustainability of financial services organisations,” DST says. “Technology is helping us rethink operational excellence on a scale we never imagined.

“Operational excellence is
 no longer seen simply as a manufacturing discipline… It
 is whole-of-organisation.

“It is no longer just about cost containment… it is a vital driver of quality and consistency as well.”

DST’s other four keys to operational excellence are: the three Ps (planning, processes and people); think big, act small; front-to-back customer service; and a culture of collaboration.

“Building operational excellence can be a daunting task – costly, disruptive and risky,” DST Head of Relationship Management Shaun McKenna said.

“However, the ability to manage this complexity is improving all the time, making operational excellence within easy reach of Australian insurers.

“Given the massive changes in the marketplace that are impacting every insurer, there is no time for being complacent.”