What a few years ago might have sounded like a trend, almost futuristic, is today a reality. Or rather, a necessity. The complexity of processes, the greater need for regulatory compliance or the immediacy requested today by the customer have caused a rethinking in the flow of internal processes of companies. A new vision that cannot be addressed with traditional methodologies. “More hands” is no longer the solution.
Leaving technology aside, we must differentiate between a robotic system and an automated system. They are similar but with important differences. While the first one consists of implementing robots that mimic the same tasks that were being performed manually, the second one implies a change of paradigm and requires a study from the basis of the process 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 financial sector has been aware of this development for years, the insurance industry is just beginning to wake up in this field. It is true that developments began with the first pilots some time ago. But, as we mentioned in our previous article on the importance of having the right supplier, not all of them have been successful. This 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 the insurance company ARAG 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 customers to detect which branch the claim belongs to and extract the necessary information for further 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 accident on a property should be assigned to auto, home or liability insurance.Or whether a pharmacy bill corresponds to travel or medical insurance. We need to build the context and not analyze each case in isolation.
And we are not only talking about insurance itself. Logically, there are other departments that can benefit enormously from this technology, such as new customer registrations or modifications (either due to changes in the policy conditions, changes on the part of the insured, etc.).
Artificial Intelligence in the insurance sector will mean a revolution in aspects such as fraud prevention or, as in the case that concerns us, in the efficiency of internal processes.And for this, Serimag offers almost 10 years of experience and one of the most robust, reliable systems with the highest rates of customer satisfaction.