Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
TECHNOLOGY

Squirro launches new Augmented Intelligence solution for the Insurance industry

Published On :

The new applications change the insurance business model by reducing the dependency on brokers for lead-gen within commercial insurance and enhancing underwriting process with Augmented Intelligence

Squirrothe augmented intelligence solutions provider, has today announced the launch of a new suite of applications that aim to transform elements of insurance, from underwriting and submission-handling, to improved lead generation and deeper customer insight.

Squirro for Insurance contains three apps – Squirro Commercial InsuranceSquirro Reinsurance and Squirro Commercial Underwriting – all of which use the power of Squirro’s Augmented Intelligence platform to leverage siloed structured and unstructured data to improve the submission handling as well as the underwriting process. In addition it supports lead generation as well as meeting preparation for commercial insurance.

“The insurance industry has for years been very focused on the analysis of structured data and core insurance topics, but has been a relatively late adopter when it comes to unlocking the power of unstructured data through Augmented Intelligence and machine learning,” claims Miguel Rodriguez, VP Customer Success at Squirro. “The potential of those technologies to transform certain processes is remarkable.”

Squirro’s insurance applications are built following Squirro’s Augmented Intelligence philosophy, prioritising human enhancement. This allows business users like Underwriters and Relationship Managers to leverage all the insights in an easy to understand  360-degree view of clients in one cockpit that can be used to improve services, increase revenues through the generation of more leads for commercial insurance and product recommendation.

As an AI-based solution, Squirro for Insurance brings the full power of automation to the underwriting and submission handling processes. It manages and analyses incoming submissions to assess whether the insurer should to take on the risk or not, based on insights taken from previous submissions, risks, contracts and further information from multiple internal and external data sources, helping underwriters to make faster and more informed decisions.

“The underwriting process in re-insurance and insurance has always been inefficient and very time consuming due to the great amount of data that has to be reviewed,” adds Miguel Rodriguez. “Underwriters spend a great amount of time searching for information in different data silos and comparing documents. Our solutions offer a perfect example of how AI can help humans do their job more efficiently, by reducing the time spent on cumbersome research and repetitive tedious tasks.”

Squirro’s new apps manage internal data such as CRM history and policy detail, alongside external sources including premium insurance data and news feeds. Much of this is data is either unstructured and / or located in multiple siloes, so making sense of it is time-consuming and inefficient. Squirro for Insurance adds structure to this data and collates it in one account and market cockpit so that insurers have a 360-degree view of each customer, providing a deeper and greater insight into risk and exposure.

With the reinsurance and commercial insurance sectors both heavily dependent on brokers, the ability to take control of new business and lead generation is a powerful asset. The new apps automatically identify a wide range of events and catalysts that can trigger a new business opportunity, whether that’s liability changes, larger investments, expansions, insurance maturities alerts, M&A exploration or management changes. In addition it will analyse each lead, and recommend the best products with which to approach customers and prospects with.

“The over-dependence on brokers is a big issue for many insurance firms, as it can lead to extended fallow periods with poor quality leads,” concludes Miguel Rodriguez. “Squirro for Insurance makes it easy to be more pro-active, not only identifying the very best opportunities for a client but sourcing the most suitable product to suit their requirements. Augmented intelligence is a game-changer for the insurance industry and Squirro for Insurance can be a vital tool as the industry continues to modernise.”

Continue Reading

Recent Posts