Atidot Introduces Policy Reassignment Management Solution for Orphaned Life Insurance Policies

Atidot | September 23, 2019

Atidot, a leader in big data and predictive analytics tools for the life insurance industry, announced today their new Policy Reassignment Management solution, powered by Microsoft Azure, to help life insurance providers more effectively manage orphaned and reassigned insurance policies. Accounting for nearly 30% of the average life insurance providers book of business, orphaned and reassigned policies have long posed a unique challenge for insurance companies and agents alike. "Insurance companies are well aware of the challenges they face with orphaned and reassigned policies, as it represents a large part of their business," said Dror Katzav, CEO and Cofounder of Atidot. "For a provider with one million policies, approximately 300,000 will be orphaned or reassigned and attempts to reassign them can result in the lapsation of 50,000 policies. We are transforming an unavoidable high-risk interaction point into a highly beneficial one, ensuring that orphaned policies get assigned to the best agent to service and update the policy."

Spotlight

The insurance industry has not been immune to AI’s advancement – whether implementing robo-advisors for investment management or applying AI to insurance and loan underwriting (i.e. the Chinese search giant Baidu, which provides enhanced risk assessment capabilities). The 90% of data that is available for last 2 years is enough to build better AI Systems for operational efficiency. In the current and future time, delivering the best personalized consumer experience to its policyholders in an efficient and cost optimal manner is important. Emerging AI techs have become the utility because of improving quality of output, reduce human efforts, and increase in efficiency in terms of system, cost and time.

Spotlight

The insurance industry has not been immune to AI’s advancement – whether implementing robo-advisors for investment management or applying AI to insurance and loan underwriting (i.e. the Chinese search giant Baidu, which provides enhanced risk assessment capabilities). The 90% of data that is available for last 2 years is enough to build better AI Systems for operational efficiency. In the current and future time, delivering the best personalized consumer experience to its policyholders in an efficient and cost optimal manner is important. Emerging AI techs have become the utility because of improving quality of output, reduce human efforts, and increase in efficiency in terms of system, cost and time.

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