Can Tesla Really Deliver On Its Promise Of Cheaper Car Insurance?

Insuring any premium luxury car can prove expensive. How about a state-of-the-art battery-electric car with innovative technology? Tesla has made it clear that at least some insurance companies may be charging a high premium for folks to insure its vehicles. The solution? Tesla has decided to begin offering its own internal insurance program, with promises of some 20-30% in savings. Based on new information gleaned via ValuePenguin.com, the savings may not be as advertised, at least for some people.

Spotlight

Reinsurance Group of America

RGA Reinsurance Company is a subsidiary of Reinsurance Group of America, Incorporated (NYSE: RGA), which is an international global life and health reinsurance company with approximately $3.3 trillion of life reinsurance in force and assets of $60.5 billion, as of December 31, 2017.

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Insurance Technology

Time to Overcome Barriers in Your Decision-Making with Data Analytics

Article | July 14, 2022

A quick Google Trends search on data reveals that data analytics, data and analytics, data analysis, and predictive analytics have steadily grown in popularity among businesses across industries. These terms peaked when business leaders searched for ways to increase ROI and reduce business costs and tech-based investments. The insurance industry is amongst the industries actively leveraging data analytics. The rising importance of analytics in insurance has made CMOS take note too. As agility became more important in the insurance industry, more than 85% of global businesses shifted to a data-driven model. The purpose of taking you back is to emphasize that, as a CMO, now you need to churn accurate data and turn it into relevant information. This is a necessary model to practice to make the right decisions or will improve the decision-making process. Without data analytics, you are deciding in a void, and that’s not considered good practice. Forrester reports that 41% of insurance companies faced challenges in extracting data and making decisions based on it in 2020. Take a look at how and what you can do with insurance analytics to cater to better insights into your decision-making process and, finally, ROI generation. Bring Data to These Key Levels of Departments Marketing Analytics in insurance raises the bar in terms of marketing. As you know, marketing results frequently fluctuate, making data insights challenging to capture. CMOS who base their decisions solely on outcomes usually loses sight of making sound decisions due to unstructured data. Therefore, it is essential to have an aligned platform for data analysis in insurance. To begin with, marketers must understand the various types of data analytics available. Most insurance marketers employ descriptive, predictive, and prescriptive analytics, among others. This will assist them in strategizing based on continuous data insights from various sources for any given initiative. Sales Sales leaders can also improve how they spend their time by using data analytics to create more accurate sales forecasts. However, the question is, how will they do it efficiently? CRM software is the answer and solution to them. The software performs best because of its analytical capabilities in combination with data visualization, particularly predictive functions. It generates enormous amounts of data on customer interactions, which can then be used to inform decisions. You can assemble relevant data and use it to make some decisions, such as: Acquisition and management of leads Lead segmentation Sales funnel optimization There is enormous value in optimizing productive data by focusing on prospects likely to become loyal customers. Operations Utilizing data analytics in insurance boosts insurance operations. Small changes help to align a wide range of core processes. You can access data obtained from operations, observe key aspects of the overall processes, and make appropriate decisions. A targeted, timely, and data-driven approach will help you make decisions about these key functions, which can lead to business growth in the long run. Bain's research in 2019 reports that seventy insurers were polled. They say data analytics will reach 58% in the marketing funnel and 45% in business operations. Begin with Overcoming Barriers to your Decision-Making Process Use Data to Identify Customer Patterns Information from data can identify patterns. As mentioned above in the sales section, CRM's predictive modelling and the popular Google Analytics' descriptive overview are the two best platforms for identifying customer patterns. What is the best way to get pertinent data? Data mining is the answer to it. Do you want to know about it? Then read data mining for pattern evaluation now! As a CMO, you're probably aware that behavioral patterns are highly predictable and can sometimes result in unsatisfactory outcomes. This occurs when you are unable to obtain relevant data. And you end up performing ineffective marketing activities. To assist you in overcoming it, an AI-enabled platform can reduce the level of effort and provide the necessary data to study your customers' patterns in real-time. This is how you will notice a significant increase in sales. According to research by McKinsey and Company, automation saves 43% of insurance employees’ time. Segmenting Sales Plans Following the establishment of your customers' patterns, segmenting the insurance sales plan is a necessary step. In this process, analytics provide detailed information about customers, allowing you to make decisions about sales functionalities. This will undoubtedly reduce the time, energy, and effort you previously spent. Accurate customer segmentation and sales forecasting can also help tailor marketing efforts, improve the sales funnel, and keep sales strategies in check. When Media 7 contacted Vishal Srivastava, Vice President (Model Validation) at Citi, here’s what he said about data segmentation through data analytics. CMOs must ensure that adequate data quality checks have been performed, The goal is to ensure a scientific approach to data segmentation, sampling methodology, and data outliers, which can significantly impact revenue forecasts.” Pricing & Savings Analytics in insurance marketing can help CMOs make cost-cutting decisions and become more cost-effective in marketing efforts. It can set price ranges based on historical, current, and predictive performance. Also, analytics will help you figure out how to price things in the future, which will be good for ROI. Keep Improving with Data to Stay Abreast with The Decision-Making Process Better data organization in your business boosts productivity." Warren Buffett, an American business magnate, investor, and philanthropist. This phase is best suited to the current business environment. Implementing data analytics in insurance now will open up tremendous opportunities in the future. To make the most of them, you, as a CMO, must stick to a data-driven model for marketing actions. Aside from that, it appears that the data analytics you select for your business must be capable of informing and driving performance. Performances ranging from risk assessment to sales forecasting and a plethora of actionable insights assist businesses in thriving. Frequently Asked Question How are data analytics used in insurance companies? Data analytics empowers insurers to optimize each function and also assess risks. It also identifies trustworthy customers, which further boosts engagement. What does data analytics mean in insurance? Data analytics empowers insurance professionals by providing them with the business intelligence to understand their customers better, build better products and services, and thus, boost business growth. How are insurance companies using data? Insurers can use data to gain insights from customers’ profiles. They can review their history, behavioral pattern, and marketing needs to develop strategies and provide marketing services.

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Automobile Insurance, Insurance Technology

10 Most Impactful AI-based Insurance Innovations of 2019

Article | December 19, 2022

The year 2019 has been a benchmark in insurance innovations that brought in new value propositions to the industry. What’s more remarkable is — both traditional Insurers and Insurtechs are striving to offer simple, convenient, and value-added customer-centric products coupled with technology initiatives. Here are 10 noteworthy insurance innovations that shaped the industry this year.

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Insurance Technology

Builders Risk Insurance Vs. Liability Coverage: How Each Benefit Works

Article | August 9, 2022

For construction contractors, there is nothing more important than safeguarding your works in progress. After all, if something were to damage the property and interrupt your progress, then you might face a huge financial setback. At this point, it’s critical that you have builder’s risk insurance ready and waiting. Your policy will be there to assist you following property damage at construction sites. However, your builder’s risk policy will not offer the same coverage to injuries or property damage that you cause to other parties. In this case, separate liability insurance benefits will provide the necessary benefits. Though separate from your builder’s risk policy, liability coverage is equally important. Let’s take a closer look at how these benefits work.

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Insurance Technology

Cybersecurity Material for Private Companies

Article | July 15, 2022

Cyberattacks are one of the world's most pressing concerns. In fact, they were ranked among the top ten risks in the World Economic Forum's Global Risk Reports for 2020 and 2021. 1 According to the reports, cybercrime-as-a-service is becoming more affordable, accessible, and sophisticated. Though previously regarded as a technological issue, cybersecurity is now a growing ESG concern for private companies, investors, regulators, and consumers. Why cybersecurity is material for private companies Cyberattacks are significant issues for both private and public companies because they increase the risk of exposing confidential company information or sensitive customer data, disrupting supply chains, increasing regulatory scrutiny, and/or causing reputational harm. In 2021, the average cost of a data breach (including ransom payments and customer compensation) was $4.24 million per incident (the highest level in 17 years),8 and the global cost of cybercrime is expected to be $10.5 trillion annually by 2025. 9 Companies with marketable client or intellectual property information face increased financial risk as a result of the impact that data has on both their value and brand loyalty. Furthermore, firms that rely heavily on real-time operations can expect high per-minute costs of lost opportunity and revenue if a denial-of-service (DoS) attack occurs. As a result, while some attacks may result in no direct material loss, these risks can have a significant impact on a company's valuation by influencing brand perception and operating costs. Private companies should consider these potential risks when evaluating cybersecurity investments, as underspending can significantly increase long-term costs. Cybersecurity is a widespread and rapidly growing issue that has significant material impacts on private companies.These risks are especially relevant as private companies prepare to enter public markets, where strict oversight controls are regarded as good governance. Companies, in our opinion, must have the necessary expertise and infrastructure to navigate these significant risks and the corresponding increase in regulation and disclosure expectations.

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Spotlight

Reinsurance Group of America

RGA Reinsurance Company is a subsidiary of Reinsurance Group of America, Incorporated (NYSE: RGA), which is an international global life and health reinsurance company with approximately $3.3 trillion of life reinsurance in force and assets of $60.5 billion, as of December 31, 2017.

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Core Insurance, Risk Management

Web Connectivity Limited Partners with Insurity to Further Expand its Sure Underwriting Solution to the London Market

Business Wire | August 16, 2023

Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced that it has partnered with Web Connectivity Limited (WCL), a Zywave company, a provider of ACORD standards-based solutions for the commercial insurance industry. This partnership will empower carriers, brokers, and syndicates to leverage Insurity's Sure Underwriting platform while expanding access to tools related to London Market insurance operations by adding a London Market messaging function. WCL aims to make it easier for insurance organisations to exchange critical information and simplify workflows to improve accuracy, accelerate business, and reduce risks. As a longtime ACORD Messaging Gateway provider to the London Market, WCL allows organisations to streamline processes by automating the electronic transfer of data and documents between brokers and insurers and central services to improve client service, increase process efficiency, and decrease cost. Insurity is the largest provider of cloud-based insurance software solutions, with over 400 of its 500 customers deployed successfully in the cloud. Sure Underwriting recently became available for insurance organisations in the London Market. The cloud-native solution enables insurers to gain 50% faster risk assessment with real-time insights to increase underwriting accuracy and efficiency. "Our partnership with Insurity allows us to offer a variety of interconnected solutions through collaborations and integrations," said James Willison, Managing Director at Web Connectivity Limited. "By delivering solutions like Insurity's Sure Underwriting to our clients, we can speed up implementations and help our clients achieve significant operational efficiencies." "Through this partnership, Insurity customers can take advantage of WCL's integrated products, including rapid deployment of ACORD standard-based London Market messaging," said Sylvester Mathis, Chief Insurance Officer at Insurity. "This partnership marks a significant milestone for the London insurance market and solidifies our commitment to providing cutting-edge software for London Market carriers, MGAs, and brokers to capitalise on new opportunities quickly." About Insurity Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 22 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry's most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com. About Web Connectivity Limited, a Zywave Company WCL is a wholly owned subsidiary of Zywave, Inc. Zywave leads the insurance tech industry, fueling business growth for its partners with cloud-based sales management, client delivery, content and analytics solutions. Offering a technology platform embedded with robust data and the most comprehensive content portfolio available, we empower smarter business decisions throughout the entire customer lifecycle. More than 6,000 carriers, HCM service providers, agencies and brokerages worldwide—including all of the top 100 U.S. insurance firms—use Zywave solutions to enhance client services, achieve business growth and promote greater health, wellness and safety. For more information about Web Connectivity Limited, visit www.webconnectivityltd.com

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Risk Management, Insurance Technology

Rented Mule Consulting Partners with Insurity to Quickly Implement Core System Functionality for Growth-Focused Insurers and MGAs

Businesswire | July 21, 2023

Insurity, the leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced its partnership with Rented Mule Consulting to accelerate cloud-based software implementations for P&C carriers. As a System Integrator (SI) partner, Rented Mule Consulting will work with small and mid-sized carriers and MGAs to plan, build, and support the systems and tools required to successfully take Insurity’s cloud-based products to market. Insurity’s network of SI Partners offers insurance organizations with the collaborative, capabilities-driven deployment options they need to quickly enter new markets and take advantage of new opportunities. Rented Mule Consulting, comprised of experienced insurance technology professionals, understands the unique challenges facing the P&C industry today in order to build innovative and effective solutions for insurers. As an advisory and professional services firm, Rented Mule Consulting helps growth-focused P&C insurance entities efficiently harness the power of technology in pursuit of their business goals. Rented Mule Consulting provides in-depth guidance on the selection and implementation of a core system that allows insurers to extend product capability, expand distribution channels, move into additional jurisdictions, and increase written premium by over 20% in less than one year. “The Insurity and Rented Mule partnership speaks directly to our shared goal of helping smaller P&C insurers and MGAs compete, win, and profitably grow market share by combining innovative business models with the best mix of technologies available,” said Ben Stinson, Managing Partner of Rented Mule Consulting. “We’re thrilled to bring our combined strengths to bear on behalf of our clients and prospects.” “Insurity is excited to welcome Rented Mule Consulting as an SI Partner and expand our footprint of cloud-native policy, billing, and claims software to growth-focused insurers,” said Jennifer Saylors, VP, SI Success at Insurity. “The close partnership between Insurity and Rented Mule will provide insurers with the necessary tools, expertise, and capabilities to achieve their goals of profitable growth with confidence.” About Insurity Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 22 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry's most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com. About Rented Mule Consulting Rented Mule Consulting (RMC) is an advisory and professional services firm that helps growth-focused P&C insurance entities efficiently harness the power of technology in pursuit of their business goals. RMC maintains specific focus on helping start-ups, MGAs, and small/mid-size carriers quickly implement core system functionality facilitated by our closely coupled partnerships with leading solution providers. RMC’s depth of experience enables them to deliver successful builds to our clients with minimal expenditure of money, time, and resources.

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Claims, Compliance

Indico Data enhances Indico Intelligent Intake Solution leveraging Azure OpenAI Services

PRnewswire | June 28, 2023

Indico Data, a leader of intelligent intake solutions for unstructured data, today announced the launch of its integration with Microsoft Azure OpenAI Service to extend Indico's Enterprise Large Language Model (LLM) capabilities using the latest in generative artificial intelligence (AI). Initial use cases will focus on enabling insurance carriers to dramatically increase underwriting and claims intake capacity and improve processing efficiency. As the pioneers in the use of Enterprise LLMs, the integration is yet another step in the company's overall strategy of providing the leading solution for the transformation of unstructured data into actionable insights to drive better intake and better outcomes for insurers and their customers. The integration with Azure OpenAI Service technology is another milestone in the company's long storied history of innovation and success in AI. Indico's co-founder Alec Radford published the seminal generative AI paper on DC-GANs, which is still one of the most cited papers to be published in this space. This foundation paved the way for what we're seeing today with generative AI: DALL-E, Stable Diffusion, and – of course – GPT-4. In addition, Indico was the first to market with a secure large language model solution for the enterprise and has maintained a strong leadership position in the rapid adoption and deployment of subsequent innovations such as BERT, RoBERTa, GPT-2, GPT-3 and more. Already a partner with Microsoft, Indico is now deepening its relationship by leveraging the latest generative AI capabilities built on highly secure, enterprise grade cloud technologies. The first product enhancements to be released will include the Indico Prompt Studio and Summarization Studio. Both features take advantage of Azure OpenAI Service to allow users to dramatically accelerate the ease and speed at which they can automate processes, in some cases going from days to hours. Integrated with Indico's patented Intelligent Intake application interface, Indico's Prompt Studio will fully automate the creation of custom machine learning models by just describing with a simple text prompt the desired data elements to be classified and extracted from the submissions related to claims, underwriting and policy servicing. This accelerates machine learning model creation from days to minutes, accelerating customer time to value. For data security, these models are then converted to use Indico's Enterprise LLM entirely within the customer's firewall. Indico's Summarization Studio integrates with Azure OpenAI Service to extract claims and policy data and present a summarized view of all related policy details to the analyst. The summarized view supports decision making and points out anomalies in an effort to expedite "covered or not" decisions. By utilizing state of the art machine learning, users are now able to "interrogate" submitted documents and produce summary data that typically take hours to research and create manually. Looking into the future, Indico also plans to enhance its workflow canvas with a variety of no-code features through Azure OpenAI Service, enabling users to customize Indico workflows to meet their specific business needs without requiring custom coding. "We are thrilled to utilize the power of Azure OpenAI Service to the insurance industry and beyond," said Tom Wilde, CEO Indico Data. "As the pioneers of enterprise large language models, we are huge believers in the impact this breakthrough innovation can bring to the unstructured data challenges that are so pervasive in industry to power decisioning and analytics platforms across the enterprise." Jim DeMarco, Director of Insurance Strategy at Microsoft added, "Indico Data's integration with Azure Open AI Service helps customers unlock new insights at massive scale and speed. Their solution will help insurers and other regulated firms securely unlock new insights from their structured and unstructured data." Insurers stand to benefit greatly from the efficiencies gained by leveraging Indico Data with Azure OpenAI Service. The increase in speed and accuracy coupled with expanded underwriting and claims processing will lead to faster response times, increased gross written premiums and improved customer satisfaction. Indico Data automates critical workflows for enterprises in document-intensives industries, including insurance, financial services and commercial real estate. With the Indico Intelligent Intake™ Solution, organizations of all sizes can free their experts from tedious, manual tasks, and allow them to deliver more business value. Now, better intake yields better outcomes. Visit IndicoData.ai to learn more. About Indico Data Legacy intake solutions have forced organizations to choose between speed and accuracy, weighing risk versus revenue. With Indico Data’s Intelligent Intake Solution, now you don’t have to compromise. The Indico Data Intelligent Intake solution gives document-intensive industries the best of all worlds, enabling data-driven decision-making, with unparalleled speed, at enterprise scale. Indico Data’s Intelligent Intake solution drives better outcomes through better intake.

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Core Insurance, Risk Management

Web Connectivity Limited Partners with Insurity to Further Expand its Sure Underwriting Solution to the London Market

Business Wire | August 16, 2023

Insurity, a leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced that it has partnered with Web Connectivity Limited (WCL), a Zywave company, a provider of ACORD standards-based solutions for the commercial insurance industry. This partnership will empower carriers, brokers, and syndicates to leverage Insurity's Sure Underwriting platform while expanding access to tools related to London Market insurance operations by adding a London Market messaging function. WCL aims to make it easier for insurance organisations to exchange critical information and simplify workflows to improve accuracy, accelerate business, and reduce risks. As a longtime ACORD Messaging Gateway provider to the London Market, WCL allows organisations to streamline processes by automating the electronic transfer of data and documents between brokers and insurers and central services to improve client service, increase process efficiency, and decrease cost. Insurity is the largest provider of cloud-based insurance software solutions, with over 400 of its 500 customers deployed successfully in the cloud. Sure Underwriting recently became available for insurance organisations in the London Market. The cloud-native solution enables insurers to gain 50% faster risk assessment with real-time insights to increase underwriting accuracy and efficiency. "Our partnership with Insurity allows us to offer a variety of interconnected solutions through collaborations and integrations," said James Willison, Managing Director at Web Connectivity Limited. "By delivering solutions like Insurity's Sure Underwriting to our clients, we can speed up implementations and help our clients achieve significant operational efficiencies." "Through this partnership, Insurity customers can take advantage of WCL's integrated products, including rapid deployment of ACORD standard-based London Market messaging," said Sylvester Mathis, Chief Insurance Officer at Insurity. "This partnership marks a significant milestone for the London insurance market and solidifies our commitment to providing cutting-edge software for London Market carriers, MGAs, and brokers to capitalise on new opportunities quickly." About Insurity Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 22 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry's most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com. About Web Connectivity Limited, a Zywave Company WCL is a wholly owned subsidiary of Zywave, Inc. Zywave leads the insurance tech industry, fueling business growth for its partners with cloud-based sales management, client delivery, content and analytics solutions. Offering a technology platform embedded with robust data and the most comprehensive content portfolio available, we empower smarter business decisions throughout the entire customer lifecycle. More than 6,000 carriers, HCM service providers, agencies and brokerages worldwide—including all of the top 100 U.S. insurance firms—use Zywave solutions to enhance client services, achieve business growth and promote greater health, wellness and safety. For more information about Web Connectivity Limited, visit www.webconnectivityltd.com

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Risk Management, Insurance Technology

Rented Mule Consulting Partners with Insurity to Quickly Implement Core System Functionality for Growth-Focused Insurers and MGAs

Businesswire | July 21, 2023

Insurity, the leading provider of cloud-based software for insurance carriers, brokers, and MGAs, today announced its partnership with Rented Mule Consulting to accelerate cloud-based software implementations for P&C carriers. As a System Integrator (SI) partner, Rented Mule Consulting will work with small and mid-sized carriers and MGAs to plan, build, and support the systems and tools required to successfully take Insurity’s cloud-based products to market. Insurity’s network of SI Partners offers insurance organizations with the collaborative, capabilities-driven deployment options they need to quickly enter new markets and take advantage of new opportunities. Rented Mule Consulting, comprised of experienced insurance technology professionals, understands the unique challenges facing the P&C industry today in order to build innovative and effective solutions for insurers. As an advisory and professional services firm, Rented Mule Consulting helps growth-focused P&C insurance entities efficiently harness the power of technology in pursuit of their business goals. Rented Mule Consulting provides in-depth guidance on the selection and implementation of a core system that allows insurers to extend product capability, expand distribution channels, move into additional jurisdictions, and increase written premium by over 20% in less than one year. “The Insurity and Rented Mule partnership speaks directly to our shared goal of helping smaller P&C insurers and MGAs compete, win, and profitably grow market share by combining innovative business models with the best mix of technologies available,” said Ben Stinson, Managing Partner of Rented Mule Consulting. “We’re thrilled to bring our combined strengths to bear on behalf of our clients and prospects.” “Insurity is excited to welcome Rented Mule Consulting as an SI Partner and expand our footprint of cloud-native policy, billing, and claims software to growth-focused insurers,” said Jennifer Saylors, VP, SI Success at Insurity. “The close partnership between Insurity and Rented Mule will provide insurers with the necessary tools, expertise, and capabilities to achieve their goals of profitable growth with confidence.” About Insurity Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 22 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform and with unrivaled industry experience and the industry's most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com. About Rented Mule Consulting Rented Mule Consulting (RMC) is an advisory and professional services firm that helps growth-focused P&C insurance entities efficiently harness the power of technology in pursuit of their business goals. RMC maintains specific focus on helping start-ups, MGAs, and small/mid-size carriers quickly implement core system functionality facilitated by our closely coupled partnerships with leading solution providers. RMC’s depth of experience enables them to deliver successful builds to our clients with minimal expenditure of money, time, and resources.

Read More

Claims, Compliance

Indico Data enhances Indico Intelligent Intake Solution leveraging Azure OpenAI Services

PRnewswire | June 28, 2023

Indico Data, a leader of intelligent intake solutions for unstructured data, today announced the launch of its integration with Microsoft Azure OpenAI Service to extend Indico's Enterprise Large Language Model (LLM) capabilities using the latest in generative artificial intelligence (AI). Initial use cases will focus on enabling insurance carriers to dramatically increase underwriting and claims intake capacity and improve processing efficiency. As the pioneers in the use of Enterprise LLMs, the integration is yet another step in the company's overall strategy of providing the leading solution for the transformation of unstructured data into actionable insights to drive better intake and better outcomes for insurers and their customers. The integration with Azure OpenAI Service technology is another milestone in the company's long storied history of innovation and success in AI. Indico's co-founder Alec Radford published the seminal generative AI paper on DC-GANs, which is still one of the most cited papers to be published in this space. This foundation paved the way for what we're seeing today with generative AI: DALL-E, Stable Diffusion, and – of course – GPT-4. In addition, Indico was the first to market with a secure large language model solution for the enterprise and has maintained a strong leadership position in the rapid adoption and deployment of subsequent innovations such as BERT, RoBERTa, GPT-2, GPT-3 and more. Already a partner with Microsoft, Indico is now deepening its relationship by leveraging the latest generative AI capabilities built on highly secure, enterprise grade cloud technologies. The first product enhancements to be released will include the Indico Prompt Studio and Summarization Studio. Both features take advantage of Azure OpenAI Service to allow users to dramatically accelerate the ease and speed at which they can automate processes, in some cases going from days to hours. Integrated with Indico's patented Intelligent Intake application interface, Indico's Prompt Studio will fully automate the creation of custom machine learning models by just describing with a simple text prompt the desired data elements to be classified and extracted from the submissions related to claims, underwriting and policy servicing. This accelerates machine learning model creation from days to minutes, accelerating customer time to value. For data security, these models are then converted to use Indico's Enterprise LLM entirely within the customer's firewall. Indico's Summarization Studio integrates with Azure OpenAI Service to extract claims and policy data and present a summarized view of all related policy details to the analyst. The summarized view supports decision making and points out anomalies in an effort to expedite "covered or not" decisions. By utilizing state of the art machine learning, users are now able to "interrogate" submitted documents and produce summary data that typically take hours to research and create manually. Looking into the future, Indico also plans to enhance its workflow canvas with a variety of no-code features through Azure OpenAI Service, enabling users to customize Indico workflows to meet their specific business needs without requiring custom coding. "We are thrilled to utilize the power of Azure OpenAI Service to the insurance industry and beyond," said Tom Wilde, CEO Indico Data. "As the pioneers of enterprise large language models, we are huge believers in the impact this breakthrough innovation can bring to the unstructured data challenges that are so pervasive in industry to power decisioning and analytics platforms across the enterprise." Jim DeMarco, Director of Insurance Strategy at Microsoft added, "Indico Data's integration with Azure Open AI Service helps customers unlock new insights at massive scale and speed. Their solution will help insurers and other regulated firms securely unlock new insights from their structured and unstructured data." Insurers stand to benefit greatly from the efficiencies gained by leveraging Indico Data with Azure OpenAI Service. The increase in speed and accuracy coupled with expanded underwriting and claims processing will lead to faster response times, increased gross written premiums and improved customer satisfaction. Indico Data automates critical workflows for enterprises in document-intensives industries, including insurance, financial services and commercial real estate. With the Indico Intelligent Intake™ Solution, organizations of all sizes can free their experts from tedious, manual tasks, and allow them to deliver more business value. Now, better intake yields better outcomes. Visit IndicoData.ai to learn more. About Indico Data Legacy intake solutions have forced organizations to choose between speed and accuracy, weighing risk versus revenue. With Indico Data’s Intelligent Intake Solution, now you don’t have to compromise. The Indico Data Intelligent Intake solution gives document-intensive industries the best of all worlds, enabling data-driven decision-making, with unparalleled speed, at enterprise scale. Indico Data’s Intelligent Intake solution drives better outcomes through better intake.

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