Category: Newsletters
Monthly Tangentia Byte April 2024
Monthly Tangentia Byte March 2024
Monthly Tangentia Byte February 2024
Monthly Tangentia Byte January 2024
Monthly Tangentia Byte December 2023
Insuring the Future – How AI is Revolutionizing the Insurance Industry
The insurance industry, traditionally known for its risk assessment and claims processing, has witnessed a profound transformation in recent years, thanks to the integration of AI and intelligent automation. McKinsey predicts the industry is on the verge of a seismic, tech-driven shift.These cutting-edge technologies are reshaping the way insurers operate, enhancing customer experiences, optimizing underwriting processes, and mitigating risks. Here, we explore the significant impacts of AI and intelligent automation in the insurance sector.
Here are some of the key ways AI and intelligent automation are transforming the insurance industry:
- Underwriting
AI and intelligent automation can help insurers to automate the underwriting process, making it faster and more efficient. For example, AI can be used to extract relevant information from application documents, such as driving records and credit reports. This information can then be used by AI models to assess the risk profile of the applicant and recommend a premium. - Claims processing
AI and intelligent automation can also be used to automate the claims processing process. This can help to reduce the time it takes for customers to receive their payouts. For example, AI can be used to triage claims, identify potential fraud, and process simple claims without human intervention. - Customer service
AI and intelligent automation can be used to improve customer service by providing customers with 24/7 access to information and support. For example, chatbots can be used to answer customer questions and provide support with tasks such as policy changes and claims filing. - Fraud detection
AI can be used to detect fraudulent claims and policies. This can help insurers to reduce fraud losses and protect their customers. For example, AI can be used to identify patterns of fraudulent behavior and to identify claims that are likely to be fraudulent. - Product development
AI can be used to develop new and innovative insurance products. For example, AI can be used to develop personalized insurance products that are tailored to the individual needs of customers.
A number of insurance companies are already using AI and intelligent automation to transform their businesses. For example:
- State Farm is using AI to automate the underwriting process for its homeowners insurance policies. This has helped State Farm to reduce the time it takes to underwrite a policy from 5 days to 1 day.
- Progressive is using AI to detect fraudulent claims. This has helped Progressive to reduce its fraud losses by millions of dollars.
- Geico is using chatbots to provide customer support. This has helped Geico to reduce the cost of its customer service operations.
AI and intelligent automation are undoubtedly transforming the insurance industry. These technologies are not only streamlining underwriting processes, but they are also improving customer experiences, enhancing claims processing efficiency, and elevating risk assessment and mitigation to new heights.
As technology continues to advance, insurers who embrace these innovations will remain competitive and better equipped to navigate the challenges of the modern insurance landscape. The insurance industry is on the cusp of an AI revolution, and the benefits it offers to both insurers and policyholders are bound to expand further in the years to come.
Get a free Proof Of Concept
Sign up for a free POC worth $5000 for RPA or for a review of your existing RPA and AI implementation. Book a discovery call with a member of Tangentia’s automation team today to find out more about what RPA can do for you.
The Future is Autonomous : Tangentia & the Autonomous Enterprise
An Autonomous Digital Enterprise (ADE) is growth-oriented, replacing manual and redundant tasks with automated intelligence and freeing up people to be creative, serve customers, and collaborate on higher-level pursuits. The successful ADE is defined by these three criteria and outcomes
Get Started on Your Autonomous Digital Transformation Journey Today
Book a discovery call with a member of Tangentia’s intelligent automation team today to find out more about what we can do for you.
Monthly Tangentia Byte September 2023
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Monthly Tangentia Byte August 2023
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Tangentia and Decisions Partner to build the future of no-code Intelligent Process Automation
Toronto, 29th July 2023 — Tangentia, a leading provider of cutting-edge autonomous enterprise solutions, is delighted to announce its strategic partnership with Decisions, a renowned name in the automation industry, to deliver an unrivaled suite of Decisions automation solutions to clients across the globe.
This collaboration brings together two industry pioneers, each offering complementary expertise, to meet the ever-evolving demands of businesses seeking to optimize their processes and achieve unparalleled efficiency. Tangentia's vast experience in implementing transformative automation technologies across various industries aligns perfectly with Decisions' innovative approach to automation, making this partnership a natural fit.
Through this collaboration, clients can look forward to a comprehensive suite of decision automation solutions that harness the power of advanced technologies such as artificial intelligence, machine learning, and robotic process automation. By seamlessly integrating these solutions into their existing systems, businesses can unlock new possibilities, optimize operations, and gain a competitive edge.
Key benefits that clients can expect from this partnership include:
- Improved Efficiency: By automating decision-making and workflows, businesses can significantly reduce manual effort, leading to improved efficiency and reduced operational costs.
- Enhanced Customer Experience: Automation streamlines processes, enabling businesses to deliver faster and more accurate services to their customers, ultimately enhancing the overall customer experience.
- Agility and Scalability: Decisions' platform is designed to be agile and scalable, allowing businesses to adapt quickly to changing demands and scale their automation initiatives as needed.
- Data-Driven Insights: The platform's data analytics and reporting capabilities provide valuable insights into business performance, enabling data-driven decision-making and continuous improvement.
- Compliance and Consistency: Decisions' business rule engine ensures consistent adherence to policies and regulations, enhancing compliance and reducing the risk of errors.
About Tangentia
Tangentia is a global leader in autonomous enterprise solutions providing innovative technology solutions and services to clients across various industries. With a track record of successful digital transformations, Tangentia empowers businesses with cutting-edge tools to stay ahead in the dynamic marketplace. To learn more about Tangentia, visit www.tangentia.com.
About Decisions
Decisions is a leading provider of intelligent automation solutions that enable organizations to automate decision-making processes, streamline workflows, and boost operational efficiency. Its state-of-the-art platform harnesses the power of AI, machine learning, and RPA to drive digital transformation for enterprises worldwide. To know more about Decisions, visit www.decisions.com.