Digital transformation is important for many industries, however, for the insurance sector it’s a business priority. It’s not about adopting an innovative or solely external process; digital transformation in insurance requires an innovative business model that is focused on customer needs, more connected products and services, emerging technologies and real-time data.
Many forces—weak financial performance, cost pressures, new competitive threats, increasing regulatory requirements—demand a profound revolution in the insurance industry. At the same time, customers increasingly expect a near real-time relationship with the insurer for the submissions and claims and especially for customer care.
Digital transformation is a great opportunity that every insurer should embrace immediately: it offers real and tangible advantages for reducing costs, increasing efficiency in the claims and underwriting process and improving customer satisfaction.
Accelerate digital transformation in insurance through AI
Within the insurance industry there are many areas that can benefit from artificial intelligence (AI) solutions. Driverless cars, the IoT and wearable devices are just a few. How can AI can accelerate digital transformation for insurance processes and deliver significant benefits to your business?
Many companies have already implemented Artificial Intelligence to automate labor-intensive processes such as claims management and underwriting. These processes require analysis and retrieval of increasing amounts of diverse information coming from different kinds of documents.
Insurers who have adopted AI solutions have seen a significant reduction in processing times, from hours down to seconds. Gains in efficiency, increased standardization and improved customer experience are other common benefits.
As part of the claims management process, AI-powered applications can also protect against fraudulent claims (one of the industry’s most common pain points) by automatically detecting weak signals and inconsistencies. AI-powered solutions for accelerating the underwriting process could detect possible misalignments embedded in the policies and reduce risk exposure.
Expert System’s Cogito has been deployed in many of the world’s largest insurance institutions to for cognitive automation, customer care and risk mitigation.
With its comprehension of the meaning of words and an in-depth analysis of content of all types, Cogito transforms data into actionable intelligence that can be leveraged across the organization to benefit a variety of operations and processes.