Industry Focus
Insurance
No industry vertical is seeing as much digital transformation as the Insurance Industry is today. The prospect of positive business outcomes through lower costs, enhanced productivity, better decision-making, and more satisfied customers are all driving significant AI investment in the insurance space.
The Insurance Industry is Experiencing Rapid Digital Transformation at a Rapid Pace.
Many Insurance companies start by automating data-intensive workflows and eliminating bottlenecks caused by manual processes. While this initial hyperautomation use immediately improves the customer experience and reduces costs and cycle times, there are much greater benefits to be had by leveraging more advanced capabilities. Most insurance companies are also discovering that the outsourcing agreements they had entered into many years earlier can now be fully repatriated at a fraction of their current costs.
Use cases for Insurance include:
Automated pricing optimization
Training algorithmic models on insurer customer data using machine learning and predictive analytics to improve the speed and accuracy of the product pricing modeling process.
Claims processing
Reducing claim processing costs using Intelligent Document Processing (IDP) and AI.
Indexing
Using AI to “triage” incoming communications, capture key data from emails & email attachments, file and store key documents in the appropriate systems, and classify and route them appropriately.
Direct Broker Commissions
Using hyperautomation to efficiently process and report on high monthly volume commissions.
Improves the customer experience
Hyperautomation Immediately Improves the Customer Experience and Reduces Costs and Cycle Times
Customer Onboarding and KYC Automation
Utilizing RPA and AI to automate Know Your Customer (KYC) processes, reducing onboarding time and enhancing accuracy.