The Key Takeaways From Our Claims Management & Assistance Event
Tranforming Claims Management Processes with AI (Artificial Intelligence)
A few weeks ago, before the current COVID wave hit Germany, we had a chance to participate in a fantastic in-person event on Claims Management (Schadenmanagement) and Assistance in Leipzig. It was a great opportunity to meet with some key players in the German market and establish new relationships. Together with Qantev, one of our partners, specialized in Artificial Intelligence (AI) applied to the insurance industry, we presented a use case on Smart Orientation. Our CTO, Soeren Degn Jahns and Qantev’s CTO, Hadrien De March, explained the audience how they could transform their claims management processes with Artificial Intelligence in a relatively simple way.
From the questions raised by the audience, it was clear that there are two common misconceptions about AI. First, there’s a belief that to bring AI into their processes, insurers need to hire an army of in-house data scientists. The second misconception is that before insurers can even start talking about AI, they need to completely overhaul their existing IT infrastructure. Although those ideas do have a grounding in real-life examples we have heard about, they do not reflect the most efficient nor effective way to bring AI into your processes. Here are some key takeaways from Soeren’s and Hadrien’s presentation:
- Insurers do not need to specialize in every possible AI application, there are SaaS platforms that can be easily integrated into their processes that are more effective and efficient. Qantev, is one example of these alternatives, highly specialized in augmenting orientation decisions in insurance claims management both for health and motor products, where they have gained synergies and efficiencies operating across the industry.
- Although replacing the old legacy core system can bring a lot of benefits to insurers in terms of operational efficiency, time-to-market, or customer experience, if they are currently running their business on legacy IT infrastructure, there are alternatives. Insurers can start taking steps in the right direction before they decide to replace their core system with a next-generation platform. IBSuite is a modular cloud-native system, that can become an insurer’s core platform or replace key components like claims management. It can also be the platform to launch new businesses and support insurers’ innovations, as they launch greenfield operations in parallel with their existing business.
- Data quality is key, whether you are thinking of using AI in your process or migrating parts or all your business to a new digital core platform. Qantev’s data foundation feature provides the right tools to take the necessary steps to upgrade and track the quality of your data, to be able to use it to drive your customer-facing processes or improve your decision-making. Having the right partners makes the difference.
How Integration of Smart Orientation can Help Insurers
As part of their presentation, Soeren and Hadrien showed how Qantev’s Smart Orientation was easily integrated into IBSuite and is readily available to help insurers augment their motor claims handler’s ability to identify the best garage to serve a particular claim, considering multiple variables from the client, car, claims history, and external sources and generating a scoring in milliseconds. Leveraging smart orientation can help insurers improve their response agility, their customer’s satisfaction and save money in the process. If you were in the event and still have some questions or if you are interested in learning more about how IBSuite and Qantev can help your organization realize its digitalization ambitions, don’t hesitate to reach out.
We regularly conduct demo sessions, including Qantev’s Smart Orientation and other fascinating use cases of IoT, Parametric and AI based insurance.
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Written by Andres Herrera, Business Architect, IBA
Published December, 2021