NashTech’s Post

Transforming Insurance Operations Through Data Analytics!🚀 I’m excited to share our latest case study on how we helped an insurance client revolutionize their operations using data analytics. 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗣𝗿𝗼𝗯𝗹𝗲𝗺: Inefficient claims processing causing delays. Lack of insights into customer behavior and risk profiles. High operational costs due to manual processes. 𝗦𝗼𝗹𝘂𝘁𝗶𝗼𝗻: Implemented a comprehensive data analytics platform. Automated claims processing with advanced algorithms. Developed predictive models to analyze customer behavior and risk. ✅ 𝗥𝗲𝘀𝘂𝗹𝘁: Reduced claims processing time by 50%. Enhanced customer satisfaction with faster and more accurate service. Lowered operational costs by 30% through automation. Read the full case study here: https://lnkd.in/d8NJCexB #pronixinc #DataAnalytics #Insurance #DigitalTransformation #AI #Innovation #CustomerExperience #OperationalEfficiency #PredictiveAnalytics #Insurtech

Even when they are struggling with outdated infrastructure, losing business and failing to adopt AI at scale, insurance companies hesitate to launch their migration to a modern data platform. There are two solid reasons for the hesitation. 1️⃣ The entire project feels too risky in terms of costs, maintenance, and a rapidly evolving technological landscape that’s hard to stay on top of. Data leaders need to ensure: - They can estimate costs, time, and effort accurately; - Their team can manage the new platform and continue to scale it; - They can cultivate the right data culture within the organisation so that data consumers use the solution effectively. 2️⃣ Such a project is a major commitment. Data leaders are making a decision that will impact how the business performs in both the short and long term. In the short term, the infrastructure will generate quick insights, for example, for personalisation, automated underwriting, and fraud detection. In the long term, however, it will enable predictive modelling, claims forecasting, and product innovation. It is a significant step that the future of the business hinges on, so data leaders know they need to get it right. 🌊 Meanwhile, data keeps coming in relentlessly. The legacy system can’t keep up. Data users demand self-service capabilities, which the legacy system simply can’t support. ⚡ In the face of a highly competitive business landscape and rising customer expectations, data leaders cannot afford to keep putting off this decision. If this is a challenge you’re facing, reach out. We know your industry well. We can help you build a platform tailored to your unique business goals, enabling data and AI innovation to give you a competitive edge in both the short and long term. #insurance #InsuranceData #AIforInsurance #InsuranceInnovation

𝑼𝑲 𝑰𝒏𝒔𝒖𝒓𝒂𝒏𝒄𝒆 - 𝑴𝒐𝒗𝒆 𝒇𝒓𝒐𝒎 𝑸𝒖𝒐𝒕𝒆 𝒕𝒐 𝑩𝒊𝒏𝒅 𝒊𝒏 𝑯𝒂𝒍𝒇 𝑻𝒊𝒎𝒆 The current valuation of the UK AI market exceeds £16.8 billion, as reported by the US International Trade Administration. Throughout 2023, the UK insurance sector demonstrated significant interest in the potential of AI and Insurtech, particularly in terms of internal integration. Insurers have begun recognising the transformative benefits achievable through investments in digitising their underwriting processes. Among the participants in this trend, one insurance firm stands out for its achievement in reducing quote turnaround times from one day to just two hours through the utilization of artificial intelligence (AI). This specialty insurer disclosed in a statement issued in September 2023 that it experienced a remarkable 113% boost in productivity within its underwriting division following the digitisation of its workflows. The insurer underscored that prior to implementing the AI solution, their underwriters allocated approximately 30% of their time to low skill and value tasks. In the year 2024, we will get to see many more such stories coming up where underwriters will shift their focus on handling more complex business while AI-based solutions take on the processing of high-volume, low-limit quote submissions and bindings. At 𝐄𝐗𝐋 𝐔𝐊, we boast a formidable team of highly skilled and seasoned professionals in digital and analytics, actively engaged in the implementation of similar kind of solutions for a diverse range of insurers. Get in touch:: https://lnkd.in/d46td6Gu #innovation #management #technology #productivity #strategy #projectmanagement #networking #AI #MachineLearning #Digital #Analytics #Insurance EXL

🎙️ 𝐃𝐚𝐭𝐚 & 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐬 𝐃𝐫𝐢𝐯𝐢𝐧𝐠 𝐂𝐡𝐚𝐧𝐠𝐞 𝐢𝐧 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞!🎙️ In our latest podcast, Matt Sanderson Head of Digital Data and Analytics - The AA shared insights into the evolving role of data analytics in insurance. K̳e̳y̳ ̳h̳i̳g̳h̳l̳i̳g̳h̳t̳s̳:̳ 🌍 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐬 𝐒𝐤𝐢𝐥𝐥𝐬 𝐢𝐧 𝐇𝐢𝐠𝐡 𝐃𝐞𝐦𝐚𝐧𝐝 With rising data needs, predictive modelling and machine learning skills are more sought after than ever in insurance. 🔍 𝐋𝐞𝐯𝐞𝐫𝐚𝐠𝐢𝐧𝐠 𝐋𝐞𝐠𝐚𝐜𝐲 𝐒𝐲𝐬𝐭𝐞𝐦𝐬 Matt sees big value in optimising legacy systems—simple automated reporting can drive impactful, data-led decisions! 📈 𝐃𝐚𝐭𝐚 𝐃𝐞𝐦𝐨𝐜𝐫𝐚𝐭𝐢𝐬𝐚𝐭𝐢𝐨𝐧 Empowering teams with GenAI and self-service analytics frees up analysts for complex projects, embedding data across the organisation. 💪 𝐋𝐞𝐚𝐫𝐧𝐢𝐧𝐠 𝐓𝐡𝐫𝐨𝐮𝐠𝐡 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬 For Matt, setbacks are just analytical challenges to overcome, essential for growth in an evolving field like insurance. 🤖 𝐀𝐈 𝐟𝐨𝐫 𝐏𝐞𝐫𝐬𝐨𝐧𝐚𝐥𝐢𝐬𝐚𝐭𝐢𝐨𝐧 & 𝐅𝐫𝐚𝐮𝐝 𝐃𝐞𝐭𝐞𝐜𝐭𝐢𝐨𝐧 AI is transforming customer experiences and fraud detection by analysing behaviour in real-time to boost loyalty and flag risks. #DataAnalytics #AI #InsuranceAnalytics #DataDemocratisation #PredictiveModelling

#Data and #Tools in #Insurance Insurance businesses collect data about customers and prospects: basic details, such as name, contact and risk details, and supplemental data, such as communications preferences. We then deliver the message as determined by the nature of the message and the customer's preferences. The data and preferences must be correct, requiring good governance, management and maintenance. As communication channels increase and preferences change, the challenge grows. The same principles apply to most data, whether it belongs to customers, partners or employees. Tools create value from data when they process a transaction, or create a report. Analytics tools being more sophisticated can create greater value. Eugene Wen, VP & Global Chief Data Scientist at Manulife, described a potential use case in a webinar: Since customer service calls are usually recorded. an AI tool can review each recording immediately, sense the customer's sentiment, and if there is an issue notify a human supervisor, who immediately reaches out to the disgruntled customer. Use cases employing ever more sophisticated tools are common; generative AI has only increased the potential. Value comes from tools and data working together; competitive advantage comes from using both wisely. Join us at #ICTF2024, next Tuesday in Toronto, where expert speakers will explore both: https://lnkd.in/gVVQNwPe #artificialintelligence #artificialintelligenceforbusiness #artificialintelligencetechnology #ai #genai #generativeAI #generativeaitools #innovation #analytics #data #BigData #datamanagement #insuranceindustry #insurancebroker #insurancebrokers #insurancebrokerage #event #events #events2024 #Toronto #networking #thoughtleadership #communication #communications

How are predictive analytics and machine learning transforming the insurance industry? This Transformation Thursday, we explore how companies like Progressive Insurance, Lemonade and MetLife are setting benchmarks by leveraging these technologies. From personalized premiums to fraud detection, these advancements are reshaping our industry. In my role at Infinity, I've seen clients benefit massively from these technologies, helping close gaps and improve service delivery to their customers. This not only enhances customer satisfaction but also improves the P&L of these businesses. Trends: #Insurance and #banking have been slower to adopt these technologies compared to other industries, but the impact is significant once implemented. Advice: Start slow, make a plan, and have a short review and improvement cycle to adapt and refine your approach. Future Vision: I see predictive analytics, machine learning, and AI working together to deliver comprehensive service delivery to customers, becoming more intuitive and proactive over time. What are your experiences with these technologies? Share your insights and follow for more discussions like this every Thursday. #TransformationThursday #PredictiveAnalytics #MachineLearning #InsuranceIndustry #FinancialServices

Legacy data systems have created significant challenges for insurers, resulting in fragmented and siloed information. In today’s fast-paced insurance landscape, a solid data foundation is more crucial than ever. Marvel.ai from KGiSL—a cutting-edge, AI-powered business intelligence platform. expertly converts 90% of unstructured data into structured formats using advanced analytics, achieving over 95% accuracy. This empowers organizations to streamline data management and enables insurers to make informed decisions, enhancing personalized customer experiences. That's not all! Marvel.ai also supports real-time transaction monitoring and processing. Interested in how Marvel.ai can revolutionize your data management? Connect with our sales @ gss-sales@kgisl.com #kgisl#ai#ML#GenAI#insurance#banking

🚀 Revolutionizing Distribution: How Generative AI is Shaping the Future of Your Enterprise🚀 The future of insurance distribution is here! Join us for a game-changing session on how Generative AI is transforming the industry—right NOW. What you’ll learn: 🔗 Master Data Management – Build a strong data foundation for AI-powered decisions. 🌐 Advanced Document Ingestion – Use LLMs to convert unstructured data into actionable insights in real-time. 💡 Business Process Management Systems (BPMS) – Drive agility and efficiency with AI-enhanced workflows. ⚙️ AI-Powered Fulfillment Center – Discover how to streamline operations and deliver next-level customer service. This session is led by top industry voices: Gary Hoberman (CEO, Unqork), James Berrocal Sizemore (Chief Strategist Insurance, Informatica), Bhaskar Kalita (Global Head BSFI, Quantiphi and Margeaux Giles (CEO, IRYS Insurtech. I’m honored to moderate this compelling and invigorating cross-technology discussion💥 📅 Date: Monday, September 30 ⏲️ Time: 11:00 AM ET 💻 Register now to secure your spot and get access to the recording: https://lnkd.in/gtNE2Vpp Let’s shape the future of insurance distribution together. Ready to lead the AI revolution? Register today! 👇 #GenerativeAI #AIforInsurance #InsuranceInnovation #DataDrivenFuture #InsuranceDistribution #DigitalTransformation #MasterDataManagement #AIinAction #FutureOfWork #IRYSInsurTech #InsurTech

EXL is proud to sponsor Data Jam by The Insurance Network as an AWS partner. The event centers on how data, analytics, AI, and automation are reshaping the insurance industry, emphasizing their transformative impacts and the opportunities they create for innovation and improved operational efficiency. Visit our experts at the EXL booth in the AWS Zone to explore how EXL can help address your data and analytics challenges. Discover the latest innovations, from leveraging AI in underwriting to implementing best practices in data governance. Let’s discuss tailored solutions to drive your business forward. #DataJam #DataManagement #Underwriting

Data preparation for insurance risk modeling is a critical yet time-consuming process that traditionally takes up to 3 months, delaying insights and decision making. 💡Lumnion uses cutting-edge technology to automate data cleansing, integration, and transformation, ensuring high-quality, ready-to-use datasets in a fraction of the time. This automation not only reduces operational costs, but also improves accuracy and reliability, allowing insurers to focus on predictive analytics and risk assessment with confidence. With Lumnion's advanced automation capabilities, this tedious task is significantly accelerated, enabling insurance companies to efficiently streamline their data workflows. To learn more, visit 👉 https://lnkd.in/g-irBJpn #machinelearning #ai #insurance #datapreparation #insurtech #actuaries #riskmodeling