Jul. 01, 2020
Artificial Intelligence and Insurance – a match made in heaven
Liron Golan @BlackSwan Technologies
A radical change in the insurance industry is occurring at a rapid pace. Disruption in technologies, in business models, in standards, and in the makeup of insurance companies themselves demands constant adaptation.
Digital Challenges Slow Down Insurance Industry Transformation
Gartner
While the insurance industry has been on the road to digital transformation for several years, few CIOs have reached high maturity levels in their transformation projects. Insurance CIOs face tremendous internal and external challenges that have slowed down — and even prevented — innovation and success in digital transformation.
- High operating cost with only minor improvements despite high investments
- Rapidly rising amounts of data to process
- Information overload and decision-making complexity
- Heightened customer expectations for innovation and segmentation
- Loopholes in fraud detection
- Labour-intensive claim processes that take months to finish
With growing investment in new technologies, organizations are seeing integration challenges hinder digital transformation initiatives, in particular, data silos created business challenges.
Besides, as organizations across all industries digitize their business models, the ability to connect and reuse technology assets becomes a critical capability.
To tackle these challenges, it is crucial for insurers to create the right data architecture and data storage platform, tapping into every internal data source and customer data, leveraging the information they already possess.
BlackSwan Technologies addresses these issues, empowering data-intensive organizations to Rethink (what is the Art of Possible), Reinvent (Business Models), and Rejuvenate (Market Positioning).
Rethink, Reinvest, Rejuvenate
Blackswan Technologies ELEMENT™ of insurance, is a customized version of ELEMENT™, the world’s leading Enterprise AI-Operating System for the insurance vertical.
It is leveraging the out of the box integration and qualification of hundreds of primary, tens of millions of secondary sources, and billions of unstructured articles, to construct knowledge graphs. This enables insurers to apply data analytics to identify pain points in customer interactions to accelerating data monetization, driving lead generation.
In addition, by utilizing its graph technology, ELEMENT™ can quickly identify all the connections between claimants and the doctors, attorneys, pharmacies, body shops, and other parties involved in the processing of a claim that can dramatically reduce fraudulent claim payouts.
The same process can also help identify repeatable patterns in fraud activity across millions of claims. Combining this information with third-party data sources and leveraging ELEMENT’s predictive and cognitive capabilities helps reduce costs associated with the investigation of fraudulent claims.
Routine, repetitive tasks, such as claim processing, can also be automated by ELEMENT™, freeing staff to focus on more strategic types of work and reducing labour costs.
To learn more about BlackSwan Technologies and our solution click here.
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