We asked Simha Sadasiva the CEO of Ushur for his views on the savings that AI and ML technology can produce for customers.
Simha Sadasiva: One of our Fortune 500 insurance customers recently told us their agents make 671,000 outbound calls per year just to gather return to work dates to process the company’s short-term disability claims. A typical claim interaction takes each agent about three weeks and roughly six attempts to reach each claimant and get this information. After using Ushur for a year, the customer saved roughly $11.5 million in agent call time and reduced the claims process from three weeks per claimant to an hour.
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We then got the views of Jason Kolb from Dais Technology on the way they have integrated AI and IOT to help reduce risk.
Jason Kolb: To address this problem, we at DAIS just launched the Internet of Insurance, a shared platform designed to integrate carriers, agents, insurtechs, and customers, and allow people and technologies to work together in real time. This means that, for example, telematics providers can use airbag sensors to alert carriers to a potential claim, and customers living facilities can connect with their insurers to reduce their risks and their premiums. all this new connectivity will create new sources of data, making AI tools significantly more powerful. By collecting new data from producers, CSRs, and others, we can produce better recommendations for the placement of business, scoring each policy based on the characteristics of the exposure data.
The Internet of Things was also a topic focused upon by Sharmila Wijeyakumar from Liferay
Sharmila Wijeyakumar, Senior Account Executive, Liferay: As well as enabling the provision of new services, in many areas this will shift the focus from repair to prevention. Telematics is already helping insurers understand more about the risks they're covering, while also encouraging better driving habits and improving road safety. Similarly, connected homes, where a building can be monitored with devices such as leak detectors and temperature gauges, will enable the cause of a potential claim to be identified and dealt with before there’s any damage. And rather than taking out traditional annual policies, by constantly monitoring usage and risk, cover could become much more fluid too. How are you seeing the use at present and forecast where it may go in the future.
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