THREE UNIQUE WAYS TO IMPROVE THE ECONOMICS OF INSURANCE WITH ARTIFICIAL INTELLIGENCE

September 20, 2017

Insurance is particularly people and paperwork-intensive. Both Underwriting and Claims Management revolve around the production or retrieval of information from documents such as a policy or a claim package that capture the specifics of the insured’s case. These are particularly time-consuming tasks that up to now have entirely fallen into the lap of human operators, and typically represent 13% (Health) to 20% (P&C) of the combined ratio.

Spotlight

Insurance Designers of America

Formed in 1986, IDA is among the oldest, largest and most well respected Insurance Marketing Organizations (IMOs) in the country. Founded by former agency heads of a national insurance carrier that was exiting the agency distribution system, IDA was conceived to fill the void as insurance companies narrowed their scope solely to the manufacture of products and looked for new channels through which they could distribute their products. Today, IDA has over 50 agencies, a footprint in every state, and sales of $250+ million of annual premium, all of which help give IDA the scale and resources necessary to help over 85,000 financial professionals with their client’s insurance needs.

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Spotlight

Insurance Designers of America

Formed in 1986, IDA is among the oldest, largest and most well respected Insurance Marketing Organizations (IMOs) in the country. Founded by former agency heads of a national insurance carrier that was exiting the agency distribution system, IDA was conceived to fill the void as insurance companies narrowed their scope solely to the manufacture of products and looked for new channels through which they could distribute their products. Today, IDA has over 50 agencies, a footprint in every state, and sales of $250+ million of annual premium, all of which help give IDA the scale and resources necessary to help over 85,000 financial professionals with their client’s insurance needs.

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