Artificial Intelligence For Insurance Distribution Management: The Promises And Pitfalls
White paper by David Kelly, Founder & CEO, Bobtrak Inc.
Toronto, ON (Nov. 25, 2019) – The insurance industry is coming to embrace the idea that data analytics can be the key to unlocking higher revenue, greater share of wallet, reduced fraud, improved compliance, and enhanced customer and producer experiences. It seems a no-brainer that every carrier would want to get in on the action. Unfortunately, it’s not intuitively obvious how to go about doing it. Which data do you analyze? What questions should you be asking it? How hard will it be to get the data to give up those answers?
The good news is that there is an existing business process in the insurance enterprise that should be at the core of any effort at insurance analytics: the Producer Portfolio Management process – or simply, “book of business” – because it is a goldmine of rich and meaningful data. This is where the data from policy management, producer management, incentives, and transaction systems all come together. This is the data at the heart of distribution channel management. Carriers are already performing this data management process because, by regulation, they have to. But are they getting all of the good out of it they should be?
There is a lot of planning and digging needed to extract the value of the data. In our experience, a significant number of carriers don’t have visibility into the data in their book of business operations. Either the data is buried in a multitude of legacy systems that have only loose connections between them, or the data has been buried in a data preprocessor built to move it from upstream to downstream systems – perhaps to the incentive system – with no effort made to open it up to the kinds of analytics that can actually enhance the top and bottom lines. Many carriers treat this process as an afterthought, rather than as the business driver it could and should be.
In this white paper, we will explore the promise of analytics, specifically artificial intelligence, as well as the challenges carriers will face as they try to implement AI on their data.
View or download the paper: Artificial Intelligence For Insurance Distribution Management: The Promises And Pitfalls.
BobTrak, Inc., makes software to manage insurance providers’ books of business – the links between customers, policies, products, producers, and business events. BobTrak maintains date-effective servicing relationships, allocates transactions to the correct producer hierarchies, aggregates values across time, and calculates commissions and bonuses. In addition, BobTrak’s deep analytics into the data can provide valuable insights for enhanced revenue, improved compliance, and a better producer experience. For more information, visit bobtrak.com.
- Learn more about BobTrak in the InsurTech Spotlight.
SOURCE: BobTrak, Inc.Tags: Artificial Intelligence (AI), BobTrak, David Kelly, InsurTech Spotlight, whitepaper