Emerging Markets: Opportunities for Insurance Efficiency
Written at Jul 31, 2023 1:49:49 PM by Dave Connors
You don’t need deep pockets or huge scale to reap the benefits of automation and better data delivered by an AI strategy.
distriBind’s AI Engine is a suite of light-weight microservices that can deliver efficiency to MGAs of all sizes. Our tools deliver automation, better data and less error allowing you to redeploy your knowledgeable staff to revenue-generating activities.
Talk to distriBind to discover how you can start realising the benefits of:
Faster (and better) Pricing Journey
Machine Learning can identify the minimum data capture points at submission or quote stage to predict a premium boundary with a high degree of accuracy. It also identifies data that is either irrelevant or so highly correlated that you only need to answer one question not 3 or 4. While your competitors are putting 20 questions in front of customers, you can put 4.
Automated Reconciliation and Settlement
Reconciliation of written and remitted risks, and associated financial transactions can be automated. With appropriate permissions, this also allows for automated settlements. This has benefits beyond merely ensuring you staff are not bogged down in boring, repetitive tasks. It can also identify anomalies in performance of your business partners over time, giving you early notification of deterioration in payment performance and ability to address problems early.
By monitoring your business it’s possible to identify unusual risk patterns such as a high concentration of risks in a particular area, or a drop in sales in a particular product and allow you to respond quickly.
Automated Data Entry and Analysis
Everyone can have a robot! OCR, data mapping and Machine Learning can automate creation of data in core systems and support analysis of that data. MGAs who receive paper statements from brokers don’t need to waste time and effort re-keying.
The goal in all this is supporting your key knowledge workers – ensuring that they are focussed on high-value, revenue generating tasks and that the information and analysis they need to make business decisions is at hand.
This doesn’t have to mean spending huge amounts of money. No organisation is too small or too paper-based to benefit from AI and automation. Get in touch for a discussion on how distriBind can bring these benefits to you.
CEO & Founder