Artificial intelligence in insurance

Artificial intelligence offers great opportunities for insurers. Through the use of AI, insurance companies are supported in various activities and benefit from an optimization of processes. Use the Konfuzio platform to train our AI specifically for your applications. We support you with the ideal technical environment and the necessary know-how.

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Data & AI in insurance

Insurers, pools and brokers are mostly sitting on a barely used sales potential. As in B2B as well as B2C sales, countless contact details are exchanged every day that are then no longer used. Simple information such as first name, last name, email address and position are contained in almost every email, but are only maintained manually in companies and rarely renewed. Thus, even with CRM tools, it often happens that contacts become outdated or that not all contact persons are noted. Methods of artificial understanding of human language and text therefore hold enormous sales potential, since contacts are created and maintained as if by magic. The knowledge about previous contact persons is thus available across companies and automatically remains up to date.

The current pandemic has also shifted communication online: meetings that were only conceivable in analogue a few months ago now take place almost exclusively digitally. AI helps to use the contact data via the digital channels and to provide knowledge to the insurer. By actively but automatically reading through the use of AI in insurance companies, current data of the respective communication partner can be stored and used for further interactions or analyses. In this way, in addition to individual information such as surname and first name, the particularly decisive content-related interests, such as claims notifications, and the intention of past communication can be analysed across the interlocutors.

Extract salary statements with AI in insurance

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Challenge

Whether comparison, change or new customer, relevant documents are requested from the policyholder, which are necessary for the calculation of the policy. For example, at the latest when taking out a motor vehicle insurance policy, the Vehicle registration document and, if available, the last contribution invoice submitted and stored in the system.

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How can Konfuzio help?

Data required for the conclusion of the motor vehicle insurance are read from the documents. For example with a vehicle registration document, this could be the manufacturer key number (HSN) and type key number (TSN), which are used to calculate the premium.

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Solution

Konfuzio supports the reading of relevant data from incoming documents for the conclusion of motor vehicle insurance policies and enables the automatic processing without typing.

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Partner contributions

RPA and Intelligent Automation

DataSpark GmbH & Co. KG, based in Frankfurt am Main, supports companies in their digital transformation. In doing so, it...

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Understanding insurance policies with AI and leveraging existing customers

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Challenge

The transfer of documents between insurance companies, brokers and other partners is widely standardized by the BiPRO Norm 430. A multitude of different documents and GDV inventory data have to be processed and entered into the used system after the transmission. The documents often do not arrive in a machine-readable form and are not uniformly transferable.

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How can Konfuzio help?

Konfuzio categorizes the different types of incoming documents and can recognize individual pieces of information. This ensures access to the relevant data. For insurance policies, personal data or contractual specifications are automatically filtered out and brought into a uniform structure.

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Solution

The uniform provision of data from the transferred policies eliminates the need for manual reading and entry into the corresponding system.

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    Automatic processing of identity cards with AI 

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    Challenge

    The access of various claims reports is usually unstructured and requires manual transmission and verification of data. Be it a death certificate in the event of death, a photograph of a damaged vehicle or the identity card of those involved in the accident, the submitted information is usually viewed manually by a claim handler.

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    How can Konfuzio help?

    Konfuzio processes the submitted documents for the damage report. From scanned ID documents, for example, important personal data and the address are output and made available for further processing.

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    Solution

    The manual effort of entering submitted claims no longer exists as Konfuzio automatically takes over the data extraction. At the same time, plausibility checks can be carried out, which compare, for example, reported losses with the insured maximum amounts.

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    Portfolio valuation of insurance portfolios with AI

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    Challenge

    Stock valuations or transfers are complex. Assessing the portfolio and checking the policies, premium invoices and other documents takes time. The more detailed the review, the more time is needed but the better the valuation of the portfolio.

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    How can Konfuzio help?

    Konfuzio supports the evaluation of individual contracts by aggregating the information across documents. The future premiums and brokerage payments are extracted from the insurance policies, special contractual features are identified and brought into a uniform structure.

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    Solution

    Konfuzio prepares portfolios in a granular manner by means of a structured summary of the individual sources of income for valuation.

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    Automate insurance claims with AI

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    Challenge

    Since claims notifications are received via various channels and in a non-uniform form, the information submitted is usually viewed manually by a claim handler. It is necessary to compare the loss with the insured risks and to check the plausibility of the amount of the loss.

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    How can Konfuzio help?

    The structuring of claims data automates the transfer into our customers' systems for the management of claims. In addition to the structuring and extraction of claims data, Konfuzio can perform plausibility checks and thus, for example, compare the insured maximum amounts of the policy with the amount of the submitted claims.

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    Solution

    The manual effort for processing, checking and transferring claims notifications to the corresponding IT system is greatly reduced.

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