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Insurers, this is the best way to automate your processes

10 August 2022 · By Ana Navarrina

If you work for the insurance sector, you know how immersed we all are in digitalization. Artificial Intelligence for automatization plays a huge role in this mission; however, it also raises concerns in the industry. Let us address them. 

Fear of automation

The insurance industry has a fear for, or distrust in, automation. And they are not wrong. In our sector, we should never automatize without focus or a clear strategy, and we must be able to put a human touch wherever it is needed. The final client has shifted to a more digital behavior, has less patience, and is used to immediacy, but there are still many claims and underwriting situations in which they will require this human touch. Moreover, we all know technology is not yet perfect, and sometimes fails to make the right conclusion.

On the other hand, adopting this kind of technology is vital for the industry. As mentioned, client behavior has shifted and they now need a fluid, faster-than-ever, almost immediate, digital experience. To be able to compete, insurance companies need to be able to provide their customers with this kind of experience. The key to this is Artificial Intelligence. 

AI and concretely Visual Intelligence have a track record of achieving great results for insurers. This technology can reduce claims management time from weeks to minutes, considerably cut operating and support costs, avoid fraud and reduce CO2 emissions by facilitating a remote experience and therefore limiting trips.

So how do insurance companies adopt Artificial Intelligence without distrust?

For insurtech companies, it is our responsibility to provide insurers with transparent, trustworthy technology. We, for example, have developed the Bdeo Profiler: a tool that distinguishes the cases that could potentially be automated from the ones that shouldn’t be, and lets the insurance agent know. When our technology doesn’t have a fully certain conclusion, we advise the agent that the case should be manually reviewed.

Tools like these help us achieve two main things:

  • Transparency towards insurers, helping them trust technology.

  • Flexibility to automate to the extent each client needs. This technology should be able to adapt to each client’s strategy.

Insurance companies should be able to trust that we will automate every case that can be automated, and let them know the cases that can’t so they can put their best experts on them. And that is something that will forever be in our focus: to automatize thoughtfully, with a clear strategy and great results, only where it is needed, to help insurers create an amazing digital experience for their clients without never ever losing the possibility of the human touch. 

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