New report outlines what intelligent decisioning is and how it is at the heart of transforming the P/C insurance industry
Inefficient processes and inconsistent information create friction that can hold insurance carriers back. The industry is turning to new technology solutions that automate and streamline everyday tasks to complement and enhance the productivity of skilled knowledge workers and customer service representatives. Intelligent decisioning is the ability to ingest each piece of data and make a decision, utilizing digitalization, data, artificial intelligence (AI), and value tracking.
In Intelligent Decisioning for P/C Insurance: How AI Is Automating Insurance Business Processes—a new Impact Report sponsored by Shift Technology—research and advisory firm Aite-Novarica Group explains what intelligent decisioning is and covers different use cases of AI and its applicability in automating processes across the insurance life cycle.
“In a highly competitive market—and against the backdrop of a global pandemic—it is vital for insurance companies to differentiate themselves from the competition,” said Stuart Rose, Strategic Advisor at Aite-Novarica Group. “The best way to improve efficiency and enhance the customer experience is via data-driven decision-making or intelligent decisioning.”
“Intelligent decisioning is not about automating every insurance process,” adds Martin Higgins, Senior Principal at Aite-Novarica Group and co-author of the new report. “It is the ability to analyze each piece of data to determine next best action across the insurance life cycle.”
About Aite-Novarica Group:
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.