Currently as part of the underwriting process, risk consultants evaluate surveys on insurable assets and / or properties and summarize them in reports, rating different risk factors and capturing key attributes about each location, among some of the details considered to be – If a plant is located next to a gunpowder manufacturer, if it has an adequate sprinkler system, and at what distance is it from the nearest fire station.
The risks and dangers that these assets can have are too many, which is why fires, demographic changes, the increase in interdependencies such as the Covid-19 and climate change play an important role in insurance losses. These losses have multiplied by 15 in recent decades, which implies high risk and volatility for the insurance industry. Mitigating this requires a different approach to disaster risk management.
How Artificial Intelligence can mitigate those risks?
Our Artificial Intelligence solutions allow insurers to take a different approach and thus help mitigate these risks and reduce the workload of their consultants. In Europe for example, there are several cases where insurers using Artificial Intelligence automate the production of engineering survey reports. This is thanks to the Artificial Intelligence engine and natural language processing, which allow you to automatically process and read survey reports and provide a summary with a suggested score for each of the risk factors and extract other key location attributes.
Creating summary reports for subscribers has always been a tedious, repetitive and manual task, now with the software they can modify the AI system report if they consider that the calculated score is not accurate, thus reducing their workload and saving time that they can. reassign in other business tasks.
The focus is on helping a collaborator think with the speed of 1000 collaborators, it is to boost their productivity. It is not a question of replacing human tasks, but of providing collaborators with tools that allow them to reduce operational tasks substantially, focusing on what really generates value.
Studies show that productivity can increase by up to 50% after implementing tools with AI components. This indicator is even more forceful in the insurance sector, where it has been proven that the time to process a claim or establish a level of risk can be reduced by half or even more.
Another added value of our solutions is that they are quick to implement. It will depend on their complexity, but it has been proven that within 4 weeks you can have these tools working within organizations without any problem. The result: Immediate return on investment (ROI).
Corporate AI adoption is on the rise, according to Gartner, who says the number of companies that implemented AI grew 270% in the past four years and tripled in the past year. Four years ago, AI implementation was rare, only 10 percent of respondents reported that their companies had implemented AI or would do so shortly. By 2019, that number increased to 37 percent, “says Gartner vice president of research, Chris Howard.” If you are a CIO and your organization does not use AI, your competitors will most likely do so, and this should be a concern. “
Imagine implementing this solution in your insurance company, reducing the workload of your workers and having all the precise documentation of the possible risks that may be from catastrophes, risks related to fires, thefts or location risks in real time.