200706-Reworked AI insurance infographic · 2020-07-09 · 200706-Reworked AI insurance infographic...
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Realizing new value in insurance with AI: A snapshot Insurance customer trends are shifting at a rapid pace. More revenue is earned by brands that have a superior customer experience than their competitors. Customers have shown interest in using fast and convenient automated advice for buying insurance. Customers stay with brands that offer high-quality customer service. Artificial Intelligence (AI) holds the promise of transforming the insurance sector into a modern, customer-oriented industry. It harnesses the immense potential of the constant stream of incoming insurance data to transform the holistic insurance experience. Here is a big picture of the key challenges with manual processes in critical operations in insurance and how AI can impact them. 42% 46% 5.7x From manual to magical Manual data entry and extraction are inefficient and highly prone to human error. 90% automation of quote creation process through RPA bots and OCR capabilities brings down TAT by 80% and FTE by 50%. Manual processing of low-quality data leads to human errors and operational inefficiencies. Manual data extraction from unstructured formats and filing into an AMS* is mundane and prone to errors. Manual reinsurance capacity evaluation and calculation of reinsurance value is inaccurate, time- consuming and error-prone. Automated data extraction, claim settlement, fraud prediction bring down claims cycle TAT by 66%. Automated document classification and information extraction improves productivity by 80%. 95% automation of the reinsurance capacity check process leads to 60% reduction in TAT Challenges AI impact** Quote automation Claims processing Document indexing Reinsurance This has a positive domino effect in the insurance value chain. * Agency Management System Based on Imaginea’s experience of working with three of the top ten global insurers, several mid-sized carriers and multiple insurtech companies ** Automated AI-driven operations Improved process efficiency Eased out user journey Better customer experience Higher retention rate Robust business growth Stronger investment capabilities The AI virtuous circle in insurance A positive outlook More and more insurers are positive about the tech’s transformational capabilities and jumping on the AI bandwagon. 74% Insurance executives say AI will revolutionize the way they gain information from and interact with customers. 90% Insurance executives say they have a long-term plan for tech innovation in place. 63% Insurance executives say intelligent tech will totally transform the industry. A rich future ahead The promise and impact of AI in insurance is also routing big funds into the industry. The otherwise laggard industry is getting a fresh lease of life - in terms of global worth - thanks to AI. $301mn Total value of funds pumped in by investors into insurtech firms in Q1 2020. $20bn Total value of global AI-underwritten premiums by 2024. $1.1T Total potential annual value if AI is fully applied to the insurance industry. https://www.pwc.com/us/en/moneytree-report/assets/pwc-moneytree-2020-q1.pdf https://www.accenture.com/us-en/insights/financial-services/digital-transformation-remaking-insurance https://www.accenture.com/us-en/insight-insurance-distribution-marketing-consumer-study# https://www.slideshare.net/AccentureInsurance/realizing-the-full-value-of-ai-in-insurance-infographic https://www.slideshare.net/AccentureInsurance/insurance-technology-vision-2017-iinfographic https://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/the-executives-ai-playbook?page=industries/insurance/ https://www.insurancejournal.com/news/international/2019/08/19/536716.htm References Customer Policy Claim History Historical Data Third- party Data Smart Policy Workflow Faster Claims Delivery Automated Customer Interactions Smart Underwriting Quotes EXPERIENCE DATA To know more about the rise of AI in insurance, download our report.
Transcript of 200706-Reworked AI insurance infographic · 2020-07-09 · 200706-Reworked AI insurance infographic...
Realizing new value ininsurance with AI:A snapshot
Insurance customer trends are shifting at a rapid pace.
More revenue is earned by brands that have a superiorcustomer experience than their competitors.
Customers have shown interest in using fast andconvenient automated advice for buying insurance.
Customers stay with brands that offerhigh-quality customer service.
Artificial Intelligence (AI) holds the promise of transforming the insurancesector into a modern, customer-oriented industry. It harnesses the immensepotential of the constant stream of incoming insurance data to transform theholistic insurance experience.
Here is a big picture of the key challenges with manual processes incritical operations in insurance and how AI can impact them.
42%
46%
5.7x
From manual to magical
Manual data entry andextraction are inefficientand highly prone tohuman error.
90% automation of quotecreation process throughRPA bots and OCRcapabilities brings downTAT by 80% and FTEby 50%.
Manual processing oflow-quality data leadsto human errors andoperational inefficiencies.
Manual data extractionfrom unstructuredformats and filing intoan AMS* is mundaneand prone to errors.
Manual reinsurancecapacity evaluation andcalculation of reinsurancevalue is inaccurate,time- consuming anderror-prone.
Automated data extraction,claim settlement, fraudprediction bring downclaims cycle TAT by 66%.
Automated documentclassification andinformation extractionimproves productivityby 80%.
95% automation of thereinsurance capacitycheck process leads to60% reduction in TAT
Challenges
AI impact**
Quoteautomation
Claimsprocessing
Documentindexing Reinsurance
This has a positive domino effect in the insurance value chain.
* Agency Management System
Based on Imaginea’s experience of working with three of the top ten globalinsurers, several mid-sized carriers and multiple insurtech companies
**
AutomatedAI-driven operations
Improvedprocessefficiency
Easedout userjourney
Better customerexperience
Higherretention rate
Robustbusiness
growth
Strongerinvestmentcapabilities
The AI virtuouscircle in
insurance
A positive outlookMore and more insurers are positive about the tech’s transformationalcapabilities and jumping on the AI bandwagon.
74%Insurance executives say AI willrevolutionize the way they gaininformation from and interactwith customers.
90%Insurance executives say theyhave a long-term plan for techinnovation in place.
63%Insurance executives sayintelligent tech will totallytransform the industry.
A rich future aheadThe promise and impact of AI in insurance is also routing big fundsinto the industry. The otherwise laggard industry is getting a freshlease of life - in terms of global worth - thanks to AI.
$301mn
Total value of funds pumpedin by investors into insurtechfirms in Q1 2020. $20bn
Total value of global AI-underwrittenpremiums by 2024.
$1.1T
Total potential annualvalue if AI is fully appliedto the insurance industry.
https://www.pwc.com/us/en/moneytree-report/assets/pwc-moneytree-2020-q1.pdfhttps://www.accenture.com/us-en/insights/financial-services/digital-transformation-remaking-insurancehttps://www.accenture.com/us-en/insight-insurance-distribution-marketing-consumer-study#https://www.slideshare.net/AccentureInsurance/realizing-the-full-value-of-ai-in-insurance-infographichttps://www.slideshare.net/AccentureInsurance/insurance-technology-vision-2017-iinfographichttps://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/the-executives-ai-playbook?page=industries/insurance/https://www.insurancejournal.com/news/international/2019/08/19/536716.htm
References
Customer Policy
ClaimHistory
HistoricalData
Third-party Data
SmartPolicy
Workflow
FasterClaims
Delivery
AutomatedCustomer
Interactions
SmartUnderwriting
Quotes
EXPERIENCEDATA
To know more about therise of AI in insurance,download our report.
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