Artificial Intelligence (AI) is revolutionizing the insurance industry. According to a Accenture’s Global Distribution & Marketing Consumer Study, “74% of consumers are ready to receive computer-generated insurance advice, and 78% would take investment advice from a virtual assistant. Many insurers have already embraced AI. In claims and underwriting, automated processes improve consistency, and efficiency.” The report also states that customers may spend as much time, if not more, engaged with AI as with humans. A majority of Insurance executives now believe that AI will revolutionize customer interaction, becoming the digital face of their brand.
Consumers today expect quick and efficient service, and the right modern insurance ecosystem can drastically improve the experience for customers, insurers, and their employees by leveraging AI capabilities. Already, 74% of Insurance Customers prefer to interact with modern technological platforms and 82% of Insurance Employees. 53% believe they can benefit from improved insights into customer requirement. Insurance Companies have invested well over USD 124 million in AI-related technologies.
With the growing acceptance of AI among both insurers and their customers, it is now possible to move forward with more innovative solutions that are focused on delivering outcomes that can ultimately take the claims settlement process towards becoming highly accurate and fast.
Who’s Solving This Problem at Avanta Studios
Maneesh Madan, CEO of InsurAnalytics.ai is delivering AI-powered insights for Property and Casualty Insurers. Leading the company’s operations globally, he’s responsible for the organization’s vision, strategic direction, and alignment of organizational resources to enable a customer centric approach.
After spending more than two decades as a technologist in building analytics platforms, he believes AI has the power to achieve greater efficiency in business processes and augment human decision making.
Can you tell our readers about InsurAnalytics.ai?
The questions we asked ourselves when we started this journey a year ago were: Can technology like AI and deep learning be used to improve processes? How can we help lower expenses? Minimize losses? How do we do this all with minimal disruption and without big upfront investment?
To meet those goals, we provide insurers with a AI-powered cloud platform. It is enabling people working within insurance companies like adjusters and supervisors to adjudicate plans faster than what they can do today.
Our customers process claims in hours not weeks, generating key insights to enable faster and more definitive claims closures. The platform finds patterns in structured and unstructured data to predict key insights and enable accelerated and accurate claims processing.
What benefits does that produce for your customers?
First is fast closures. We reduce cycle times by identifying and finding more claims for Straight-Through Processing based on predictive accuracy scores. Loss and minimized, too, by predicting and investigating high probability fraudulent claims early enough to catch fraud. In addition, key predictive scores at various stages during claims life cycle mean more efficiency and lower adjustment expenses. Lastly, our customers see overall improvement in claims cycle times, processing, and accuracy results in better customer experience and Net Promoter Score (NPS).
Technology should be such that it’s minimally disruptive within the framework of how insurers process their claims and should not require a big upfront investment.
Best books you’ve read recently?
What’s a great piece of advice you’ve received recently?
Validate your approach, solution or product with the customer before you build it out. I think that was one of the best things we did when we started this journey.