AI for the insurance world

Artificial intelligence for the insurance world

2022-07-14
Use Case
René Weseler

With increasing digitalization, customers are also placing greater demands on service providers in a wide range of sectors. Insurance companies are not exempt from this, as they still rely on tried-and-tested contract systems and independent document processing. The adherence to these systems has already shown in many companies that the efficiency of employees should be increased by new solutions in order to tackle falling customer satisfaction, long waiting times and overcrowded desks of insurance employees. We would like to show how processes regarding document processing for insurance companies can be optimized with the help of machine learning or AI for the insurance world.

Manual processes can be digitized

The core problem for many insurance companies is document processing. It makes no difference whether it is a matter of conclusions, contracts, notices of termination or expert opinions. The countless pages are entered and sorted almost exclusively by hand. The optimization of insurance companies with regard to digitalization could lie in using employees as a supplementary resource. This would shift the actual workload to AI with machine learning and reduce the error rate.

Incoming documents can be recorded with AI for the insurance world, for example, and evaluated using standardized processes with machine learning. The employees who previously formed the bottleneck of your process are then used to monitor and check random samples.

AI accelerates all processes for smooth handling

Thanks to state-of-the-art AI technology, documents can be analyzed, processed and, if necessary, trained within a very short time. And all without any technical know-how. The user receives the result of the processing after just a short time. At any time, from anywhere. GDPR-compliant and fast, all data can be accessed and processed in just a few seconds. The advantage here is also in the introduction of new systems to optimize old processes.

Increasing customer satisfaction with AI

Insurance companies always act in the interests of the customer, which is also reflected in the digitalization of proven processes. Modern processes, digital contract conclusions and uploads can increase customer satisfaction. This is due to the low hurdles in processing for customers as well as the modern and contemporary image for the insurance company. Between the obvious and the necessary, there is great marketing potential that can be exploited for the insurance world with the introduction of AI.

The entire customer portal and communication with policyholders can be digitized in the future. This is often also in the interests of all parties involved, as long phone calls and manual email requests for documents become superfluous. Digital document processing helps to lay the foundation for optimized data handling with machine learning.

Buildsimple: the intelligent software for every insurance company

Buildsimple combines all the advantages of AI for the insurance world. The cloud-based application can be used to drive forward the digitalization processes of insurance companies and reduce costs within the company. In particular, the focus is on saving resources. We enable insurance companies to benefit from innovative system optimization and accompany them step by step into the digital world. Working effectively and automatically with machine learning is particularly important to us here, so that insurance companies can achieve measurable success in their work with Buildsimple.

Buildsimple's AI is specially trained to process insurance documents. For example, damage reports can be read out automatically, while expert reports and cost estimates are recorded and assigned intelligently. Documents of all types can be split up and automatically classified, saving valuable time in the preparation of cases. ID card recognition ensures the necessary legitimization of all documents. Buildsimple is your partner when it comes to the automatic capture and sorting of insurance documents.

In addition to the basic functions of AI for the insurance world, Buildsimple offers further features for efficient document processing. With our support, processes can be optimized and simplified down to the smallest detail. Our API interface also allows essential information from existing systems to be transferred and integrated. The concept of a comprehensive cloud solution for insurance companies is therefore a success.

We hope that we have been able to provide an initial overview of the possibilities offered by Buildsimple. Our aim is to accompany other insurance companies on their way to digital document processing and to replace the familiar processes with modern AI.