During my recent attendance at the ITC Vegas conference, I couldn't help but notice a familiar trend that seems to prevail in most industry gatherings: an overwhelming emphasis on the ever-popular buzzword…. you guessed it …. AI!
In the past few years, the insurance industry has witnessed a profound transformation, with the adoption of artificial intelligence (AI) touted as the remedy to its age-old challenges. Insurance companies are increasingly embracing AI, not only to enhance customer experience but also to streamline internal processes for efficiency gains.
Insurance companies, like many businesses, often fall into the trap of using catchy AI phrases to market their services. Phrases such as "AI-powered claims processing," "Chatbots for customer service," or "Predictive analytics for risk assessment" grab the attention of consumers and industry experts alike. While these phrases highlight the exciting possibilities of AI, they can sometimes overshadow the importance of the actual transformation happening behind the scenes.
The insurance industry operates on a complex and intricate web of backend processes. These processes include underwriting, claims management, policy administration, risk assessment, reporting and more. For many years, these processes have been plagued by inefficiencies, manual labour, and a lack of automation, leading to delays, errors, and rising operational costs.
Aren’t you sick of looking for a needle in a haystack when browsing through tons of excel rows coming in from your Delegated Authority/programme business partners? Aren’t you getting tired of re-uploading the same spreadsheet over and over again to your outdated bordereaux management solution?
Enjoy a true data exchange solution that will remove all manual pre-processing from the daily tasks of your valuable employees!
Get clear insights about the quality as well as the contractual validity of the data you receive from your business partners! Trust is good, but often that’s how costly mistakes are being born!
One of our clients identified over 1.5million of claims that they wouldn’t have paid, had they been with us earlier, as policies that they had to pay out on were written outside of terms of the delegated arrangement!
Forget about arguing over the format of the data that you receive or send out, distriBind will take care of it for you, so that you could focus solely on running profitable programmes and choosing the best business partners.
Still not convinced??... Yes, AI..
distriBind had been awarded a grant for the development of our proprietary Machine Learning algorithm, designed for the Premium/Capacity Utilisation Predictor. This cutting-edge algorithm utilizes the chain of contracts identified during the contract renewal process to establish contract-section-specific seasonality patterns, which are then compared against the current year's written premium to generate insightful predictions.
In summary, while catchy AI phrases may create excitement and drive interest, I think that its of utmost importance that the industry focuses its efforts on the transformation of the back-end processes first. I believe that insurers who will choose to do so, will ultimately lead the industry in delivering efficient, customer-centric, and sustainable services, leaving catchy slogans in the dust of a real modernisation.
Want to transform your back-end office processing with us?
Reach out to us at contact@distribind.io or book a demo here!