Digitisation is well underway across the insurance sector, but there are still numerous areas where manual processes and legacy systems are holding insurance companies back. AI can offer the ideal solution to many of the process bottlenecks faced by insurers and MGAs, enabling them to handle more business, fast-track applications and claims, and reduce costs. The big question is where and how to leverage AI to maximise its impact.
Thankfully, numerous innovative insurtechs have been busy developing tools to make implementing the technology super easy and effective. Here’s our pick of the ten best AI insurance tools out there:
Sixfold.ai
Sixfold is focused on “one of the most intractable challenges in insurance: the inefficiency of underwriting.” Its solution uses AI to remove much of the legwork from the risk assessment process by ingesting a company’s underwriting guidelines and then applying these to customer applications to identify positive, negative and disqualifying risk data, accelerating underwriting decisions. The tool enables companies to transform their underwriting capacity and boost quote turnaround time while also aiding data collection. It already has an impressive client base that includes AXIS Capital, Zurich Insurance Group, and Mosaic Insurance.
Zesty.ai
Climate change is one of the biggest threats to the insurance sector. New weather patterns and severe weather events, such as storms and wildfires, baffle underwriters and increase the threat of serious losses. Zesty AI draws on billions of data points, including aerial imagery, weather reports, and sensor measurements, to provide insights on risk at a property level. This enables policies to be priced as accurately as possible and risks to be managed more effectively as climates shift around the world.
Sprout.ai
Sprout.ai has zeroed in on the claims process with its AI tool, which it says helps insurers and third-party administrators to “increase operational efficiency and reduce claims processing costs by up to 50%”. Its patented technology leverages GenAI and LLMs for end-to-end claims assessment spanning document processing, data extraction and validation, data enrichment, and recommendations. Productivity and customer experience gains could be huge, with the company claiming it can settle over 60% of claims in real-time, while more complex claims can be triaged and prioritised for human claims handlers.
Tractable.ai
Using a combination of computer vision and machine learning technologies, Tractable.ai enables insurance companies to assess car or property damage, necessary repairs, and even the cost of settlement from images provided by the customer. This is a game-changer for the speed at which claims can be settled while improving the accuracy of claims assessments and reducing leakage. The company has made a huge impact on the insurance sector worldwide, already working with some of the largest players in the world, including Aviva, Tokyo Marine, and Ageas.
Artificial.io
Artificial.io offers several AI-driven products, including an underwriting platform, a contract builder, and an underwriting workbench. Its underwriting tool uses algorithmic trading to increase efficiency and reduce costs, by automatically responding to straightforward applications. The contract builder enables insurers and brokers to create contracts based on existing documentation, reducing rekeying and manual data entry while the workbench collates all data in the system, ensuring clients can effectively keep track of their operations.
InsuranceGPT
Norwegian AI solutions provider, Simplifai, says InsuranceGPT is the first large language model (LLM) trained on insurance-specific data and information, so it has an in-depth understanding of sector-specific terminology and jargon. With a ChatGPT style interface, it helps streamline communication with customers by providing quick, easy access to all the information they need. This overcomes the issue of fragmented data which can cause costly communication delays. A key use case is in claims handling, enabling agents to easily review historical cases, and research relevant details, aiding decision-making, speeding up settlement times, and reducing claims leakage.
Qantev
Qantev is super clever because it focuses specifically on health and life insurance claims, which are notoriously more complicated than many other insurance products. An end-to-end claims management platform, it spans data extraction, initial checks, and claims adjudication, using advanced medical algorithms to assess details, including coverage, providers, and medical necessity checks. As a result, Qantev says that 75% of claims can be settled automatically, achieving an ROI of 3x to 7x within the first 12 months of implementation.
Planck
Positioning itself as “GenAI for commercial insurance”, Planck leverages AI to enable commercial insurers to maximise data in their underwriting to make the most informed decisions and reduce manual assessments. Planck’s PLUS Risk Workbench uses proprietary algorithms to review thousands of available data sources in real time, including online images, text, videos, reviews, and public records. It then draws on this data to pre-fill submission documents, validate submissions, and make underwriting and renewal recommendations. The result is increased underwriting efficiency, reduced loss ratios, and more accurate pricing.
PeppercornAI
PeppercornAI has created Pipr, the world’s first conversational AI platform built specifically for insurance. We’ve all seen chatbots have mixed success, but PeppercornAI claims Pipr differs in its ability to tailor and adapt its responses to customer needs. It also claims that Pipr can replace form filling by enabling customers to buy, update, and manage their policy all through the conversational experience, thereby reducing customer service costs. It is configurable to branding, tone of voice, plus specific product and policy details, and can even identify vulnerable customers, to ensure they are looked after effectively.
LimitAI
Sifting through insurance documentation can be hugely time-consuming, not to mention frustrating, for insurance firms and their customers. Facing this issue in its own operations, insurtech firm Limit developed a nifty solution to the problem using GenAI, and has now made its tool available to the public. Its LimitAI tool has been trained specifically on P&C insurance data and is designed to analyse, review, compare, and summarise insurance documents. With the ability to cope with documents as long as 400 pages or more, once ingested by the system, it enables insurance professionals to quickly access key details simply by typing the relevant question.
Insurance is now at the forefront of technological innovation, and breakthroughs are happening all the time. While implementing AI might seem daunting at first, these tools make the technology accessible for any MGA or insurer, and businesses that explore their potential will soon reap the benefits for customer satisfaction, operational efficiency, and overall profitability.
If your business is still early in its digital and automation journey, the first step is to consider insurance software such as Insly. A modular system, covering the entire insurance lifecycle, Insly is easy to implement and delivers fast ROI through streamlined processes and providing a single source of truth for product and customer data. Highly scalable and flexible, it integrates seamlessly with third-party systems, providing the perfect foundation for your digital and automation journey.
