(Re)in Asia’s Post

What a rewarding year it was at Sixfold as we saw our insurance underwriting AI being adopted across the commercial P&C and life insurance industries. We saved underwriters spread across North American and Europe tens of thousands of hours, giving them time back to focus on relationship-building and critical risk decisions. The best part is the feedback from underwriting teams on the joy we've brought to their jobs, putting the fun back in #funderwriting! 🕺 A few of my favorite highlights from a very busy year: ⭕️ Welcomed new customers – It was great to see Sixfold name-dropped as a key part of our customers' innovation strategies during 2 (!) major investor days. Our solution is doing exactly what we set out to do: cutting down manual work so underwriters can focus on what matters. ⭕️ 150,000+ submissions processed – Helping underwriters save time by providing all the essential risk details instantly. No more piles of paperwork. The level of involvement from underwriters during onboarding has been so exciting to see.  ⭕️ Launched our Responsible AI Report – Featuring our own framework for ensuring AI safety, our most popular download. We also hosted a great webinar on the same topic with Colorado’s Deputy Insurance Commissioner Jason D. Lapham and AI Counsel, Matt Kelly from Debevoise & Plimpton. ⭕️ Beyond the Policy launch – We created an innovation hub for underwriters, and the feedback has been fantastic: https://lnkd.in/eKagD9K6 ⭕️ Our product & engineering team has been working relentlessly to build the best AI for underwriters out there. Curious about the updates we rolled out in 2024? Read more below! https://lnkd.in/eBzE8zTu

Insurance & Commpli: How can our platform help navigate the insurance sector regulations? The world of insurance regulations can feel like a labyrinth of complex terminology and ever-changing requirements. But fear not! Understanding these regulations doesn't have to be an overwhelming task. We're here to break down key changes and their impact on your decision-making, empowering you to navigate the insurance landscape with confidence. Recent Regulatory Shifts: Focus on Consumer Clarity: Regulatory bodies are emphasising clear and concise communication. This ensures consumers understand complex insurance policies and the associated risks. Data Privacy Protection: Increased emphasis is placed on safeguarding sensitive customer data, requiring robust data security practices from insurance companies. Enhanced Claims Handling: Regulations are evolving to ensure fair and efficient claims processing, promoting transparency and timely resolutions. Empowering your journey with Commpli: At Genius, we understand the critical role clear communication plays in navigating the complexities of insurance. That's why we offer Commpli, a powerful omnichannel customer interaction platform. Commpli empowers insurance companies to: Deliver clear and compliant communication: Ensure policy documents, claim updates, and marketing materials are easily understood by all customers. Adhere to data privacy regulations: Leverage robust security features to safeguard sensitive customer data and comply with evolving privacy standards. Streamline claims handling: Facilitate efficient communication between customers, adjusters, and other stakeholders, enabling faster and more transparent claims resolution. By using Commpli, insurance companies can build stronger relationships with their customers, fostering trust and confidence in today's evolving regulatory landscape. Ready to simplify your insurance journey? Contact us today and discover how Commpli can empower your compliance and communication strategies in the insurance sector. Visit our site for more information: https://lnkd.in/e4JMfr-y #Insurance #Commpli #Compliance #Clarity #Regulations

Working within the Insurance industry? Take a look at our Commpli platform to help you navigate the #insuranceindustry #regulatorycompliance 👇 #insurance #regulatorycompliance #insurancesales #claimsprocessing #claimshandling #claims

North American Property & Casualty (P&C) insurance is gearing up for a significant change. 2025 marks the time when business process automation and IT consulting services with AI technology is acquiring pace. According to a report from Grand View Research, the global AI in the insurance market is expected to grow to $11.2 billion by 2025, at a CAGR of 24.9%. All this growth offers a key opportunity for P&C insurers to drive simplicity, lower costs, and deliver better customer experiences. Key Opportunity Areas that I can see are : 1. One of the most promising areas of AI-enabled automation is the claims processing stream. Here, AI can help the insurers automate the assessment of claims, detect fraud, and settle claims more expeditiously using predictive analytics and even machine learning models. According to a report by McKinsey, AI may reduce claims processing costs by 30%, thereby improving customer satisfaction levels by getting claim resolutions faster and more accurately. 2. Improving efficiency in Underwriting: This is, perhaps, the most glorious example of AI-based automation going to transform underwriting itself. AI can analyze vast amounts of data coming from multiple sources in real time. AI can therefore ensure reduction in mispriced risks, improve the assessments of risks or customise coverage. Accenture estimates that AI can boost the accuracy of underwriting up to 50%. This means that data-driven decisions can be taken faster by insurers than ever before. 3. Customer Service Automation: AI-powered chatbots and virtual assistants are transforming customer service in the P&C industry. According to Forrester, companies that implement AI for customer services reduce operational costs by 30%. They can now address routine queries and policy modifications 24/7, enhancing customer experience while freeing up human agents to focus on complex tasks. 4. Adherence to Regulatory Compliance & Reporting: AI also makes it possible for insurance companies to automate compliance monitoring and reporting, thus significantly reducing the risk of errors and penalties. According to Deloitte's estimate, this could also bring costs for companies down by 40% - through streamlined processes and bringing it in line with regulatory changes. IT consulting services in AI-driven process automation will help guide insurers through the process of transformation in the North American P&C landscape. By guiding strategy development and the entire system-implementation process, IT consultants will be able to ensure that insurers maximise AI technologies while remaining competitive through 2025 and beyond. What are your views on the above ? Do comment below.   #AIFuture #PCInsurance #BusinessAutomation #ITConsulting #Insurtech #NorthAmericaInnovation

Richard Hartley for Insurance Thought Leadership on how LLMs are driving the insurance industry: "When tuned to insurance, LLMs support underwriting and claim adjudicating capabilities, streamlining risk processing, lifting efficiency and improving broker and customer service at all stages of the insurance process. LLMs enable risks to be digitized, evaluated and turned decision-ready without human intervention and let homogeneous risks be handled via straight-through processing. In more complex risk segments, LLMs create significant capacity for underwriters to write more risks and focus on the aspects of them that are unusual relative to the norm, enabling a more informed decision." Read more about LMMs application in commercial insurance here: https://lnkd.in/eWzP_M2b

How is the advancement of AI impacting the insurance industry? Gain insights from Jaymin Kim on the evolving landscape, and discover how organizations are evaluating the impact of AI on their coverages and claims in Business Insurance. #AI #Technology #FutureofWork #Insurance #Risk

How is the advancement of AI impacting the insurance industry? Gain insights from Jaymin Kim on the evolving landscape, and discover how organizations are evaluating the impact of AI on their coverages and claims in Business Insurance. #AI #Technology #FutureofWork #Insurance #Risk

How is the advancement of AI impacting the insurance industry? Gain insights from Jaymin Kim on the evolving landscape, and discover how organizations are evaluating the impact of AI on their coverages and claims in Business Insurance. #AI #Technology #FutureofWork #Insurance #Risk

How is the advancement of AI impacting the insurance industry? Gain insights from Jaymin Kim on the evolving landscape, and discover how organizations are evaluating the impact of AI on their coverages and claims in Business Insurance. #AI #Technology #FutureofWork #Insurance #Risk

How is the advancement of AI impacting the insurance industry? Gain insights from Jaymin Kim on the evolving landscape, and discover how organizations are evaluating the impact of AI on their coverages and claims in Business Insurance. #AI #Technology #FutureofWork #Insurance #Risk