New report from Aite-Novarica Group outlines what intelligent decisioning is and how it is at the heart of transforming the P/C insurance industry
Boston, MA (Feb. 17, 2022) – Inefficient processes and inconsistent information create friction that can hold insurance carriers back. The industry is turning to new technology solutions that automate and streamline everyday tasks to complement and enhance the productivity of skilled knowledge workers and customer service representatives. Intelligent decisioning is the ability to ingest each piece of data and make a decision, utilizing digitalization, data, artificial intelligence (AI), and value tracking.
In Intelligent Decisioning for P/C Insurance: How AI Is Automating Insurance Business Processes, a new Impact Report sponsored by Shift Technology, research and advisory firm Aite-Novarica Group explains what intelligent decisioning is and covers different use cases of AI and its applicability in automating processes across the insurance life cycle.
“In a highly competitive market—and against the backdrop of a global pandemic—it is vital for insurance companies to differentiate themselves from the competition,” said Stuart Rose, Strategic Advisor at Aite-Novarica Group. “The best way to improve efficiency and enhance the customer experience is via data-driven decision-making or intelligent decisioning.”
“Intelligent decisioning is not about automating every insurance process,” adds Martin Higgins, Senior Principal at Aite-Novarica Group and co-author of the new report. “It is the ability to analyze each piece of data to determine next best action across the insurance life cycle.”
Click here to access the report.
Insurance has been and will always be a data-driven industry
For many of today’s insurance departments, success is measured by customer satisfaction and employee productivity; inefficient processes and incomplete or inconsistent information create friction that can hold carriers back. The industry is turning to new technology solutions that automate and streamline everyday tasks to complement and enhance the productivity of skilled knowledge workers and customer service representatives. Intelligent decisioning is the ability for artificial intelligence (AI) to ingest each piece of data and make a decision, or determine the next best action.
This Impact Report, sponsored by Shift Technology, explains what intelligent decisioning is and covers different use cases of AI and its applicability in automating processes across the insurance life cycle. This report is based on Aite-Novarica Group’s domain expertise and knowledge base, along with secondary research and briefings with industry executives.
Click here to access the report.
This 16-page Impact Report contains two figures and one table. Clients of Aite-Novarica Group’s Property & Casualty service can download this report and the corresponding charts.
About Shift Technology
Shift Technology delivers the only AI-native decision automation and optimization solutions built specifically for the global insurance industry. Addressing several critical processes across the insurance policy lifecycle, the Shift Insurance Suite helps insurers achieve faster, more accurate claims and policy resolutions. Shift has analyzed billions of insurance transactions to date and was presented Frost & Sullivan’s 2020 Global Claims Solutions for Insurance Market Leadership Award. For more information, visit www.shift-technology.com.
About Aite-Novarica Group
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. For more information, visit aite-novarica.com.
Source: Aite-Novarica GroupTags: Aite-Novarica Group, Artificial Intelligence (AI), automation, customer experience (CX), Shift Technology, Transformation