03 Oct Recognizing the Value of A.I. in Claims and Underwriting
This week, we will be at the 2016 InsurTech Connect Connect Conference in Las Vegas. Insurance industry leaders are scouting the marketplace for creativity and innovation for the latest concepts and solutions ideas to advance their companies into the future. Adjusted loss expenses (ALE), severity of claims (which is steadily increasing), and the on-demand generation are a few topics which will be discussed and explored by the attendees. The innovators in this industry have great ideas for these issues. The number one task right now is motivating the insurance industry to engage and move forward with new technologies. Everyone is interested in new products and solutions, yet are they right for your business is a pressing question. So, how you get engaged and move forward?
One of the basic axioms in strategic planning can be summed up in three parts: One, identify the problem; two, explore the possibilities; three, execute! Of course, you may have to repeat the process if your choice does not work out, but you still keep moving forward.
Infinilytics’ advanced analytics platform – SmartC™ was created for insurance companies to process genuine claims accurately, efficiently and quickly. The SmartC solution utilizes several analysis techniques, coupled with our patented advanced algorithms for all lines of insurance. The under writing component of your business process benefits from SmartC™ by recognizing risk issues more accurately and efficiently. Data enrichment aids in this process. Machine learning (artificial intelligence) is built into SmartC, and will help your claims and underwriting teams make better decisions.
The machine learning component of an advanced analytics platform can add another positive dimension to your business process in a number of ways. For example:
- Improve the outcomes of your claims and underwriting business process by automating error prone tasks
- Gather disparate data quickly and accurately from multiple sources (internal, external and third-party)
- Discover and learn from years of claims and underwriting data patterns
- Quickly analyze the relevant behavior patterns for risk before issuing the policy
- Data enrichment for life, property and casualty, and workers’ compensation claims will allow your team to fast track genuine claims for settlement, while questionable claims and policy applications can be handled more efficiently
The right data, at the right time, to the right person, for the right decision is an excellent best-practice in the industry. Infinilytics’ smartC™ can jump start your business in the age of cognitive computing and big-data analytics.
Please stop by our booth in the Exhibit Hall at 2016 InsurTech Connect Conference to meet the Infinilytics Team, and begin the process to advance your company with A.I. for your claims and underwriting teams.