Artificial Intelligence in Insurance – Tough times, Tougher solutions!

PUBLISHED ON february 24, 2021

Santosh Vakil, Director of Business Development

Montreal, February 24, 2021 – Artificial Intelligence in Insurance – Tough times, Tougher solutions!

“Artificial Intelligence” – 25 years ago, these two words might have sounded almost Alien. In fact, speak of AI, and people would visualize Robots, Cyborgs or Humanoids. Fast forward to the present era. Speak of AI, and literally everything is based on it. Be it as simple as a Virtual Travel booking agent or as complex as Genome Mapping for Disease detection, AI is omnipresent. Whether we realize it or not, Artificial Intelligence is lurking in the background in many different forms.

COVID-19 has not made life easier for anyone. A new dimension to the marginally “stagnant” model of doing business is slowly evolving. Abundance of Intellectual power and Manpower was never a problem throughout these years. But suddenly, unlimited access to them is, courtesy of the pandemic! Over the last decade or so, Industries had started investing and trusting in automation. Simple rule of productivity applies. Machines are more reliable than humans. Machines are more productive than humans. And finally, Machines are more accurate than humans. To trust Machines with performing complex automated tasks, be it structured or unstructured, Artificial Intelligence forms the crux.

One such industry that is slowly and eventually realizing the importance and potential of AI based performance is Insurance. Its closest cousins – Banking and Wealth Management are already way ahead in the application of AI. Insurance is now catching up, and for good. One segment of Insurance industry that can profoundly benefit from AI or Machine Learning based solutions are Managing General Agents (MGA). Considering most MGAs perform hybrid duties of underwriting and Sales / providing quotes, they have their hands full. Olivo can help!

Koïos Intelligence’s state of the art conversational platform – Olivo, based on the agnostic concepts of Natural Language Processing (NLP), Natural Language Understanding (NLU) coupled with Artificial Intelligence (Conversational AI) streamlines and automates the underwriting duties of MGAs. The result? Freed up time can be better utilized for other important activities. In today’s digital age, leveraging platforms like Olivo for underwriting activities can be the difference between a satisfied customer base or a disgruntled one. Olivo can also help manage fraud and risk by making smarter underwriting decisions. More importantly, MGAs and Olivo can complement to form the perfect partnership by introducing unbridled turnaround times and eliminating unforced human errors. The conversational capability of such solutions helps the Insurance Industry in ways manifold. Ironically, it opens up more channels of communication by annihilating multiple intermediaries.

Plato’s once famous quote “Our need will be the real creator” which evolved into the famous proverb “Necessity is the mother of invention” definitely holds true in the current pandemic- ridden socio-economic crisis. Artificial Intelligence has the potential be the knight in shining armour for most of us. Working hand in glove with humans, AI can and will provide answers. And all it demands in return is to have patience and faith – both, ironically human qualities!