"A key trend is the need to automate business processes. The time is now for insurance entities to adopt more digital practices to stay competitive against nimble, more innovative companies."

3 key technology trends for the insurance industry in 2016, PropertyCasualty360.com

Insurance

Where is your Unstructured Data?

Any data that is not stored in a database. Unstructured data can be any type of file, in any format and may reside anywhere within file system and storage hierarchies.

Unstructured Data

 

Getting Business Value From Your Data

  • Digitize incoming documents for immediate access
  • Classify and route every piece of incoming information into the proper workflow
  • Extract and enrich data through integration with existing systems 
  • Significantly reduce manual tasks
  • Reduce costs and improve productivity with end-to-end automation 

The Time is Now to Drive Efficiency

Insurance communications are dominated by paper, email, and web chats, which are by their nature largely unstructured. With the volume of communications and variety of channels, organizations need a way to have these inbound communiques automatically categorized, relevant data extracted and validated, claims forms generated, completed and routed for processing. If an insurance claim for example is incomplete, the system should automatically send a message back to the policy holder specifying what additional information is required.


AI Foundry solutions aid in the digital transformation revolution and creates a streamlined and automated process incorporating the traditional paper and scanning channels. Every piece of incoming, claims and newly-applied-for and existing policy-related information—from different sources (agent, broker, customer), in multiple formats, and at various times—is identified and seamlessly routed into a relevant workflow.

Incoming documents are immediately digitized, making them immediately available for processing or inquiries.

The Actionable Intelligence Platform for Insurance

 

Actionable Intelligence Management

 

The Actionable Intelligence platform has the ability to:

  • Read and understand unstructured data and extract the meaning of free-form data
  • Use classification for more seamless claims handling, extracting and enriching data through integration with existing CRM and other systems
  • Reduce manual activities such as re-keying of information
  • Streamline and automate critical process such as claims submission
  • Increase overall employee productivity

 

What if You Could Reach and Serve Policyholders and Departments More Effectively?

Our AIM for business process automation solution:

  • Uses automated workflow to ensure immediate, relevant processing of policyholder and distributor requests  
  • Enables immediate responses in the communication channel that policyholders choose resulting in both time and cost savings.
  • Provides a seamless connectivity between the insurance company and policyholder interactions
  • Leverages the existing rich data that resides in your back-end systems for enriched workflows

The Actionable Intelligence solution can integrate relevant data from virtually any communication—all of the varied, unstructured, and dynamic inputs—into a single platform and process. Our solution also provides the seamless connection between the processing of the claim, policy application or renewal or other business transaction and the policyholder and agents by providing a 360-degree view of the information and transaction. This complete transparency is critical in today’s information economy.

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Streamlining Insurance Business Processes Has Its Benefits

 

65% cost reduction on key insurance processes

 

90% reduction in turnaround time on key insurance processes

 

20% improvement in conversion rates

Source: Harvard Business Review. Insurance Companies’ Untapped Digital Opportunity, March 2014.

Scenarios

Integrating and streamlining your processes and reporting across business units can be a time-consuming struggle that impact success. Actionable Intelligence Management solutions from AI Foundry can help empower your organization, streamline processes and inform business tasks. Some examples of where Actionable Intelligence Management (AIM) Solutions can help:

 • Claims Processing  • Underwriting  • Account Administration  • Appeals and Grievances