AI
“ We will look back ten years from now and see that we were only beginning to scratch the surface of what is really possible ”
BRIAN MULLINS CEO , MIND FOUNDRY
It is garnering significant interest around the world , with Gartner naming it a top strategic technology trend of 2021 . It is no surprise that hyper-automation has become so popular when you consider the vast opportunities it has to offer .
All jobs have some repetitive element , and thus every job can benefit from hyper-automation . It can be applied in any company , industry and within any technology environment . Relative to previous digital transformation efforts , hyper-automation is easy to use and simple to deploy across the enterprise . Therefore , development cycles remain short , providing a short time to value and high ROI .
Paul Donnelly : We are seeing a thirst among our clients to move to the next step beyond rules-based automation . Namely , the combination of rules-based automation with AI and ML techniques . In other fields , this is often referred to as “ hyper-automation ” in the life insurance underwriting process , this is described as the move from “ Automated Underwriting ” to “ Augmented Automated Underwriting ” ( AAU ).
AAU combines traditional automated underwriting systems and layers in the benefit of AI and predictive models . The first place where such systems are proving themselves is in the early part of the customer journey .
Why has AI become so central to the underwriting / customer services process ? Brian Mullins : Particularly in life insurance , current online customer journeys are often no more advanced than their off-line predecessors . Too often , excessive manual processes and back-office procedural steps determine the steps involved in the application process , leading to substandard
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