SPONSORED: Squirro for Insurance Set To Transform The Sector

SPONSORED: Squirro for Insurance Set To Transform The Sector

Ciarán Daly

June 4, 2019

4 Min Read

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.

Related: UK government to tackle insurance fraud using AI

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

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

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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