State of Play

What is the current situation of the insurance industry?

Claims management, the most essential process of the €1.25 trillion insurance industry, is mostly manual.

The insurance sector stands for 9.4% of the global GDP and $24trn assets under management. It is one of the few undisrupted industries.

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.

Less than 2% of insurance data is used

Legacy data is hidden in instructured information but crucial for AI.

AI can improve insurance earnings by €500 billion annually.

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: