ABBYY speeds up insurance with a new no-code AI platform
ABBYY states that its tools can quickly integrate and ascertain important enterprise documentation, therefore allowing employees to work faster, better and smarter.
For insurers, these tools are valuable not just for general policy administration but also more complex tasks like claims management, underwriting, and FNOL.
COVID-19: Normalising digital interaction
ABBYY is acutely aware that the insurance industry’s future is now firmly rooted in digital technology. Both customer loyalty and overall experience are indispensable assets for ongoing profitability - reportedly US$470bn in global premiums have been lost through failing to realise their value - and digital is augmenting both in new ways regularly.
In fact, according to , even two years ago approximately 50% of customers preferred digital channels of communication with their insurer. It wouldn’t be surprising if this figure has now risen considerably.
“The pandemic’s greatest effect on the insurance industry has been to normalise digital interactions across the widest spectrum of users. Customers previously resistant to online interactions have not only embraced them but become savvy technology users, said Eileen Potter, Solution Marketing Manager for Insurance at ABBYY.
“This mass adoption of automating insurance customer interactions has set the baseline of automation higher than ever before, and these paths of automation will continue well beyond the pandemic. This is why insurance companies are acting quickly and turning to easy-to-use automation solutions to speed up their digital offerings.”
Insurtech keeps gaining momentum
ABBYY’s decision to target insurance firms with no-code AI-based technology is, perhaps, not very surprising: insurtech funding in 2020 ($7.1bn) and calculate that the sector’s global premiums will reach $566bn by 2025.
At the same time, commentators like note that technology must be appropriately deployed to work ‘with’ rather than ‘against’ human workers. AI is not about replacing people so much as allowing them to be redeployed in more valuable areas.
“Forward-looking insurers recognise that [automation’s] legacy will permanently alter the way we do business and are tooling up for a future of tech-enabled customer interactions. Underwriting or claims decisions, which previously took weeks, will be made within hours and, in some cases, immediately. This is only possible through automation and by removing the dependence on skilled claims assessors and underwriters to review routine cases.”
SLK Software: Optimising performance in the digital economy
Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.
As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:
- Relationship oriented
- Strategically focused on a desired outcome
- Reliant on automation tech
Believing in purposeful automation
SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies.
Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.
The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:
- Intelligent Business Transformation
- Agile IT Automation
Accelerating workflow processes
The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance.
Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:
“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.
Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.
Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.
Pictured: SLK Software team (source)