Few would say that insurance is a progressive sector, always looking to try the latest technologies and utilize innovative new approaches. In fact, people would mostly say the opposite is true – insurance is an industry that is conservative by nature and is inherently cautious about adopting digital technologies that can make it more efficient and deliver a better customer experience.
But that is changing. We work with some of the biggest and best-known insurers in the world and one thing common to all of them over the past few years is a willingness to embrace change and new approaches. There has been a collective realization across the industry that there is a strong need for more innovation in the face of potential challengers to established insurance firms.
With our new suite of applications – Squirro for Insurance – we are enabling further change, delivering solutions to specific challenges in the industry and in doing so, transforming elements of insurance and InsurTech forever.
Augmented Intelligence in Insurance
The deployment of AI and Augmented Intelligence in insurance over the past few years has started to grow significantly. Accenture states that 63% of insurers believe intelligent technologies will completely transform the industry and 67% believe adopting intelligent technologies will be critical to their organization’s ability to differentiate in the market in the next three years.
Learn more about the Squirro and Accenture partnership and joint effort to provide insurers with the technology and support to build and execute a successful AI strategy.
That’s why with Squirro for Insurance we wanted to provide specific solutions to real-world issues. The value of AI is much greater when deployed for a particular purpose and we have three different applications that really deliver for insurers.
Squirro for commercial insurance
The Squirro Commercial Insurance App addresses the over-reliance on leads and referrals from brokers faced by many insurance firms. Business development is a constant challenge in commercial insurance, so the app unlocks the insight found in an insurer’s structured and unstructured data to let them understand precisely exactly what is going on with their clients.
This gives more exposure to opportunities that otherwise might have been missed and makes proactive new business much easier, removing the dependence on brokers and putting insurers back in control of their own lead generation.
Squirro for reinsurance
The underwriting and submissions process have barely changed in decades in reinsurance, so the Squirro Reinsurance App addresses this head-on. It uses Augmented Intelligence to save thousands of man hours on these processes, analyzing all incoming submissions, assessing whether to take on the risk, and automating the underwriting.
Underwriting and submissions are known to be enormously time-consuming when done manually. By applying automation to these tasks, the Squirro Reinsurance App is a genuine game-changer for the industry.
Squirro for commercial underwriting
This is an area of insurance that has also been prone to inefficiencies and many manhours spent on mundane tasks. The Squirro Commercial Underwriting App is specifically designed to support commercial insurance firms in their underwriting process. It will speed up submission triaging and help to assess whether the insurer should take on the risk or not.
These are all challenges familiar to those in insurance and all will be transformed by the applications within Squirro for Insurance, which generates vast customer insight and has powerful automation capabilities.
The insurance industry needs to change, it’s ready to do so, and we have delivered the tools to facilitate that. This year and the years ahead will be important for the sector and Squirro for Insurance will be at the forefront of that.
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