Insurance companies join the automation process with Artificial Intelligence

What a few years ago might have sounded like a fad, almost futuristic, is now a reality. Rather, a necessity. The complexity of the processes, the greater need for regulatory compliance or the immediacy requested by the customer today have caused a rethinking in the flow of internal processes of the companies. A new vision that cannot be approached with traditional methodologies. Putting “more hands” is no longer the solution.

Leaving aside the applied technology, we must differentiate between a robotic system and an automated one. They are similar but with important differences. While the former consists of implementing robots that mimic the same tasks that were being performed manually, the latter involves a paradigm shift and requires a study of the process from the ground up in order to apply the best technology in each case. And, from our point of view, Artificial Intelligence is the only technology that allows us to carry out this automation with reliable and stable production.

While the financial world has been aware of this development for years, the insurance industry is just beginning its awakening in this field. It is true that developments were initiated with the first pilots some time ago. But, as we discussed in our previous article on the importance of having the right supplier, not all of them have been successful. It is something common, and we could almost say natural, in the adoption of new technologies.

In Serimag we have the experience of working, among others, with insurance companies such as ARAG o VidaCaixa for several years, with whom we have implemented important automation systems for their document processes. An intelligent system that allows to classify the documentation received from different sources and clients in order to detect to which branch the claim belongs and extract the necessary information for its subsequent processing. An automation that in the different projects that we carry out in Serimag is usually around 80%, with cost reductions that we estimate at 50%.

As we pointed out, Serimag’s value was not only in introducing the technology but also in understanding the process. Document management is complex as it is not trivial to understand whether a car loss on a property should be assigned to auto, home or liability insurance. Or whether a pharmacy expense is covered by travel or medical insurance. We need to build the context and not analyze each case in isolation.

And we are not just talking about insurance products as such. Logically, there are other departments that can benefit enormously from this technology, such as new client registrations or modifications (due to changes in the policy conditions, changes on the part of the insured, etc.).

Artificial Intelligence in the insurance sector will bring about a revolution in aspects such as fraud prevention or, as in the case in point, in the efficiency of internal processes. And for this, Serimag offers 10 years of experience and one of the most robust, reliable systems with the highest customer satisfaction rates.