Artificial intelligence in insurance

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 Thus, even with CRM tools, it often happens that contacts become outdated or that not all contact persons are noted.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 pandemic has also shifted communication online: meetings that were only conceivable in analog form a few months ago now take place almost exclusively digitally. AI helps to use contact data via digital channels and provide the insurer with knowledge. Active but automatic reading through the use of AI in insurance companies means that current data on the respective communication partner can be stored and used for further interactions or analyses. In addition to individual information such as surname and first name, the particularly decisive content-related interests, such as damage reports, and the intention of past communication can be analyzed across the conversation partners.

Extract salary statements with AI in insurance

Challenge

A comparison, change or new customer – relevant documents are requested from the policyholder which are necessary to calculate the policy. For example, at the latest when taking out a motor vehicle insurance, the vehicle registration document and, if available, the last premium invoice are submitted and stored in the system.

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.

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.

Partner contributions

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    Konfuzio and cross-works set standards in cloud DMS

    A well-rounded solution: artificial intelligence (AI) seamlessly integrated into a cloud-based DMS offering such as the Swiss Content Cloud from cross-works. No unnecessary bells and whistles, but...

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  • Digital excellence: The partnership between Konfuzio and Tumii

    Digital excellence: The partnership between Konfuzio and Tumii

    Digital transformation is not just a trend, but a gateway to innovation - in short: a necessity for companies. With this in mind, the...

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  • A partnership for the future between Hoverture and Konfuzio

    A partnership for the future between Hoverture and Konfuzio

    The business world is constantly changing. Digital transformation is advancing and choosing the right merger is crucial for business success. Hoverture...

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Understanding insurance policies with AI and leveraging existing customers

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.

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.

Solution

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

Automatic processing of identity cards with AI 

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.

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.

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.

Portfolio valuation of insurance portfolios with AI

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.

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.

Solution

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

Creating real added value for the insurance industry from data through AI

The applications of Artificial Intelligence in insurance are vast and offer incredible potential. Konfuzio helps you understand and validate data from your documents. We go beyond partial automation of processes and offer end-to-end automation. This is how we enable our clients to constantly change and adapt in the digital age.

Fully exploit the competitive advantage that can be established by combining AI, data and human know-how. This allows you to create real value from your data through data-driven value creation.

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Automate insurance claims with AI

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.

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.

Solution

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