AI in insurtech : Making policy management and quote generation easier
MGA / TPA
AI in insurtech : Making policy management and quote generation easier
“ A general meaning is around making care available to communities that are underserved or not given reasonable access to high-quality care ; a more technical meaning is about coverage eligibility rules insurance companies use to control the extent of availability of certain coverages in certain products . Technology firms in general are enabling both of these to occur . New technology-enabled tools improving access to care , quality of care , and innovative care are pervasive .
“ Similarly , new tools enabling superior use of data and analytics to perform
Capgemini ’ s Global Industry Leader for Insurance and Financial Services , Adam Denninger , discusses how AI is making policy management more digestible , and quote generation easier .
He says : “ In the broadest sense , the insurance industry has used AI for decades . The rule structures used for self-service quoting enrollment or mid-term changes are all built on automated decisionmaking platforms .
“ This is true through the Health , P & C , and L & A sectors ; in all sectors , AI has been a key component of efforts to lower costs and simplify processes for a long time .
“ The explosion of generative AI is taking this much , much further for the industry . There is a wave of innovation across new businesses , services , claims , pricing , and even marketing and communications to deliver better outcomes , more consistently , and faster .
“ Most of this innovation is still in the prototype or ideation stage , but the first “ production ” uses have already started to appear in the industry .
“ This will only accelerate and broaden . Yes , policy management is becoming easier and more digestible . So is quote generation ; so are many other pieces of the insurance value chain .”