A global P/C insurance and reinsurance carrier developed a platform to automate business processes triggered by incoming emails for claims and new business submission. Developed in under a year, the platform runs 24/7 and has cut submission time by 95% while tripling the data captured per submission; the result has been increased productivity and improved customer experience.
Global P/C Insurer Automates Claims & Submission Processes by Building a New Platform Leveraging AI-enabled Technologies
As the insurer was experiencing an overwhelming uptick in claims and new business submissions, they sought to gain efficiency in the hard market and to create a more seamless experience for stakeholders by leveraging automation and cognitive analysis. The P/C carrier developed the goal of building an enterprise-wide automation that would encompass all the business processes.
Tools and Technology
The P/C insurer partnered with ValueMomentum to automate its business processes on their new Galaxy platform. The platform leverages Microsoft Azure to consolidate email processing and storage, IBM’s Watson for AI and analytics, and Open-source Tesseract as an optical character recognition (OCR) engine.
ValueMomentum’s innovative solutions enabled the insurer to build an AI-enabled platform that significantly increased efficiency and returns. The effective collaboration and knowledge sharing between the teams established useful technical frameworks to continually develop the automation functionality.
The new platform has enabled the insurer to cut submission time by 95% and increase data captures per submission from less than 10 to over 30 elements. The project is also credited with supporting over $5M in premium growth and generating over $3M in efficiency gains.
The automation of business processes reduced the time taken for submissions down by 95%, to as little as 30 seconds.