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16 Ways Insurance Companies Can Use Data and AI

There is a growing recognition that insurers can introduce data, analytics and AI into virtually all of the important insurance functions and workflows, including product development, pricing and risk selection, underwriting, claims management, contact center optimization, distribution management, reinsurance, and understanding and shaping customer journeys. Here are some of the exciting ways insurance companies can put data to work.

Harnessing Generative AI for Flood Insurance Risk Evaluation and Mitigation

Floods are the most common natural disaster worldwide. A flood is demarcated as an overflow of water that submerges land that is usually dry. Flash flooding befalls when heavy rainfall over a short period hits areas with inadequate drainage. Other causes of flood events comprise high tides, storm surges, river overflow, and snow melt. Each year, floods extinguish assets worth billions of dollars. In the last five years alone, monetary losses caused by floods worldwide were estimated at 299 billion U.S.

Data Governance Framework: What is it? Importance, Pillars and Best Practices

Data forms the foundation of the modern insurance industry, where every operation relies on digitized systems, including risk assessment, policy underwriting, customer service, and regulatory compliance. Given this reliance, insurance companies must process and manage data effectively to gain valuable insight, mitigate risks, and streamline operations.

Getting Started with Insurance Modernization

If you have a legacy system with customized capabilities and valuable features but nearing end of life, refactoring the system is a potential choice for modernization. Insurance platform modernization usually involves one-to-one code migration, which can often be more costly and time consuming than expected and typically tends to miss some of the integration and data architecture modernization that is foundational for getting the full value of digitization.

3 Examples of Intelligent Automation in Insurance

Intelligent automation happens when robotic process automation (RPA) meets artificial intelligence (AI), bringing simple actions and cognitive tasks together for lightning-fast processing. Intelligent automation in insurance is a powerful tool that reduces both human error and the need to perform repetitive tasks manually. Imagine AI extracting data from an invoice then a bot entering that data into a software program.

Best Practices for Enhancing Claims Processing Efficiency

In the insurance industry, the claims process plays a vital role in shaping an insurer's reputation, customer satisfaction, and financial performance. However, this process is primarily characterized by the substantial volumes of unstructured data that insurers must adeptly handle and leverage to enhance the customer journey and streamline claims lifecycle management.

Navigating AI-Driven Claims Processing

95% of insurers are currently accelerating their digital transformation with AI-driven claims processing. Traditionally, this process involved manual steps such as claim initiation, data entry, validation, decision-making, and payout, consuming significant time and resources. However, the introduction of AI has replaced tedious manual work, enabling companies to streamline their tasks efficiently.

Workplace Claims: A Close Look at the Importance of Quick Settlements

Workplace claims are legal actions or complaints that employees set forth against their employers due to violations of employment laws or contractual agreements. In recent times, employees feel encouraged to speak up for their rights with no workplace harassment, discrimination or unjust treatment. This increased awareness has raised legal standards and regulatory frameworks and thus, employees feel more empowered to report instances of harassment and discrimination.

Navigating Workplace Accident Claims with Astera

The U.S. Bureau of Labor Statistics reports that the incidence rate of nonfatal workplace accidents has decreased over the years, which can be attributed to the implementation of preventive measures in private industry. Despite this positive trend, companies deal with large volumes of unstructured data that demand effective management. Addressing these complexities is easier with Astera’s unstructured data extraction solution.

BPM Insurance Strategies: 4 Steps to Better Processes

Insurers’ profitability (and survival) is being threatened by a myriad of challenges—rising policy lapses due to higher premiums, customer churn from tightening budgets, and skyrocketing customer expectations. Squeezed by these pressures, insurers must find ways to improve efficiencies in their core processes. But there is a way forward for insurers: Business process management (BPM), an approach to improving organizational processes that is designed to optimize work.