Fintech Today curates the latest news and trends in the financial technology industry including the insuretech sector. In this roundup, we focus on the need to digitize the insurance industry using AI to streamline workforce optimization and improve the accuracy of the claims process.
DIGITIZING THE INSURANCE INDUSTRY
This article said it best — “Insurance probably isn’t the industry that comes to mind when you think about disruption.” Despite thissentiment, insuretech receives more funding than other sectors of financial technology because of the industry’s promising future in the digital era. So what’s the key to successfully digitizing the insurance industry? It’s “…[having] corporate venture capital arms, which connect their brands with new tech innovations.” Read the story here.
ROBOTIC PROCESS AUTOMATION AS A TOOL FOR AN OPTIMUM WORKFORCE
In digitizing the industry we recognize that there’s a plethora of mundane and repetitive – yet important work – which includes underwriting, policy serving, and claims to process where the need to automate is calling. To achieve this, robotic process automation (RPA), which handles time-consuming routine processes through the use of software bots, serves as a solution for insurance companies looking to make their operations process more efficient and streamlined. “Organizations can count on RPA to shoulder these time-consuming processes and free up their workforce to focus on customer service, thereby reducing costs and turnaround time while increasing customer satisfaction.” Read the story here.
USING AI TO ENHANCE PROCESSING ACCURACY OF NATURAL DISASTERS
In addition to using AI to streamline organizational efficiency and customer experience, we’re seeing companies use AI to improve processing accuracy specific to natural disasters and other events. A new solution on the rise is Cognizant Property Insights, a software-as-a-service solution combining aerial and satellite imagery and property data with AI technologies to better assess hurricane, tornado, flood, and wildfire damages. “Leveraging AI when disasters strike can play a significant role in helping insurers with claims intake, self-adjudication and fraud detection,” said Michael Clifton, Senior Vice President, Insurance Global Strategy and Venture Leader, Cognizant. “… [this] is a new tool that protects claims adjusters from dangerous field conditions, offers a highly competitive industry a new way to evolve their processes for better service and enables homeowners and others in impacted communities to get their claims processed faster for quicker recovery.” Read the story here.