Insurance
WHERE CAN AI ENHANCE INSURANCE?
Everyone knows that the insurance sector is one of the oldest around, marked by huge amounts of historical data, tight regulations and cluttered workflows. Everyone is also aware that plenty of start-ups have entered this space looking to break traditions by providing the kind of customer experiences found in other industries. But not everyone is certain how established insurance firms will be able to follow this technologically-driven shift and maintain market share.
Brightbeam’s founders have worked hand-in-hand with insurers and understand the complexities of operating in this industry. So we don’t promise you the Earth. We recognise that transformation can only occur by tackling the most pressing problem and then swiftly moving on to the next.
Underwriting
Operational Issue
Routine manual risk assessments involving bottlenecks and human errors are making the company less competitive than agile rivals.
What we can do
Create customised automated risk assessments using AI to analyse specific datasets with adjustable risk parameters.
The impact we can make
Faster and more accurate underwriting decisions resulting in a reduced time to close deals and quicker market penetration for products.
Inaccurate premium pricing due to a reliance on historical data is leading to higher-than-expected losses.
What we can do
Lead the data cleansing effort and development of a predictive analytics engine that can operate on real-time data.
The impact we can make
Optimal premium pricing resulting in higher margins from individual accounts.
Claims Processing
Operational Issue
Existing processes with long lead times aren’t meeting customer expectations for rapid digital settlements.
What we can do
Develop automated claims processes that include AI-based tools such as image recognition and natural language processing.
The impact we can make
Expedited claims approvals resulting in higher customer satisfaction scores and brand loyalty.
Inefficient manual claims verifications are adding unnecessary delays to the process and causing internal and external frustration.
What we can do
Provide new platforms to instantly identify suspicious claims using risk profiles and AI-driven fraud detection.
The impact we can make
Reduced levels of fraudulent claims and associated financial losses resulting in a lower cost-to-serve.
Customer Service
Operational Issue
Generic interactions and lack of customer knowledge across several stages are undermining brand affinity.
What we can do
Programme chatbots to add personalisation into customer journeys based on individual insights and natural language processing.
The impact we can make
Enhanced customer experiences resulting in positive brand engagement.
Delays in addressing customer queries and grievances are creating customer dissatisfaction, a backlog of cases and potential regulatory issues.
What we can do
Evaluate the available data and APIs before designing AI-based virtual assistants that have the ability to progress rather than stall queries.
The impact we can make
Smooth and continuous customer journeys that result in lower attrition rates and greater brand trust.
Risk Management
Operational Issue
An inability to predict emerging risks in consumer or capital markets is exposing the business to external volatilities.
What we can do
Collate multiple internal and external datasets to create a predictive analytics engine that can adapt to new inputs and present scenario-based actions.
The impact we can make
Proactive risk mitigation strategies resulting in informed business decision-making in the event that risks become reality.
Suboptimal reinsurance strategies are reducing the financial stability of the company and limiting its capacity for growth.
What we can do
Enhance data models and analytics platforms with predictive AI to create adaptive, scenario-based reinsurance strategies.
The impact we can make
Protection against heavy losses from unexpected large claims to deliver portfolio security and stability.
