Addressing inefficiencies with AI Checking policy data is just the tip of the iceberg in artificial-intelligence-powered policy administration
have a large selection of policy administration systems to choose from, and most carriers had to use their own “home-grown” systems. Rheem also notes that AI solutions can do more than just go over data – they can also resolve inefficiencies in insurers’ day-to-day business. One of the most notable is the process of having insurance products approved by state regulators, while simultaneously determining how best to program for complex algorithm changes and business rules
“Advanced analytics enable insurers to adjust their business to reduce risk”
Patra, a provider of tech-enabled services for the insurance industry, recently cemented a new partnership that will give its clients access to AI-powered policy checking. To deliver these capabilities, Patra tapped expert.ai, a specialist in AI-based natural language understanding (NLU) and natural language processing (NLP). “Advanced analytics enable insurers to adjust their business to reduce risk,” explains Jane Rheem, Patra’s chief data and analytics officer. “By infusing AI and NLP into the Patra
workflows, we help insurers automate tasks and processes and optimize staff ’s time to grow their business rather than administer it.” According to Rheem, 80% of insurance data remains unstructured, likely because there is no one policy format that works for all types of insurance. “There is often free-text information from different parties in creating policies and claims, and those raw data inputs are usually stored for future auditing purposes,” she says, adding that until very recently, insurers didn’t
to support the state approval. This is something AI can help to smooth out, Rheem says. Market acquisition activity in the carrier space also poses a data efficiency challenge, especially when both entities have proprietary systems in place. Again, Rheem says, AI can be used to ensure that nothing gets lost during the data migration process. “We see using AI as part of our core processes in a variety of ways to enhance largevolume, predictable processes in insurance,” she says. “At Patra, we know that it is vital to keep a team of insurance-trained people in the loop to support and refine the technology. Using AI is the first step of many that we are working to pair technology and people, bringing exciting changes to the industry.”
Beazley unveils digital business unit, new partnership
Aon and Nayms collaborate on cryptocurrency pilot
Beazley has rolled out a new digital business unit and named a new risk management service partner. The Beazley Digital unit will spearhead a new approach to how the insurer develops, underwrites and delivers digital insurance services to brokers and clients. The new unit’s responsibilities include enhancing the capabilities and reach of the myBeazley online platform. In addition, the company named Praesidium as the provider of enhanced risk management, prevention and response services for Beazley Safeguard policyholders.
Aon has teamed up with insurtech platform Nayms to support cryptocurrency investors by insuring crypto risk. The two companies will conduct a pilot program with Teller Finance, a decentralized lending protocol, to highlight the ability to scale cover efficiently by matching cryptocurrency assets to liability. Specialist insurer Relm Insurance will serve as the underwriter for the pilot, which Aon touted as the first blockchain-enabled placement of insurance ever conducted with regulated, professional insurance agencies.
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09/04/2021 4:02:59 am