The insurance sector stands for 9.4% of the global GDP and $24trn assets under management. It is one of the few undisrupted industries. In contrast to its data intense business model Insurers rely on technology standards invented in the 80s.
Claims handling is the core business process consuming more than 75% of the gross premium. It is managed usually in-house and despite its economic significance, claims handling remains a mostly manual process: The key reason is the low availability of data.
Only 2% of the relevant information is structured and machine-readable. Most of the data is hidden in unstructured information such as paper files, pdfs, emails or images. Although highly repetitive, it needs qualified human interaction to understand and manage a claim given the complexity of assessing documents, reserves or liabilities.
Legacy data is hidden in instructured information but crucial for AI.
We are the eyes and the ears of the insurers to discover and exploit their own treasure: their data.
By employing AI powered claims decisions insurers can achieve:
Claims handling is driven by the manual processing of unstructured information