New partnership aims to optimize auto insurance claims process

insurancebusinessmag | May 31, 2019

New partnership aims to optimize auto insurance claims process
Root Insurance, an auto insurance start-up leveraging AI to adjust risk, has partnered with global professional services firm Genpact.The partnership will focus on optimizing the efficiency of claims processing, to improve the Root customer experience and drive growth, a release said.Through the partnership, Roots claims processes can be streamlined thanks to Genpacts expertise in digital innovation. Genpact brings to the table best practices in insurance operations from its expertise and experience working with many leading carriers, allowing Root to quickly scale its business.

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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