Measurable value of insurtech tools

𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐰𝐨𝐫𝐤𝐟𝐥𝐨𝐰𝐬 𝐫𝐢𝐩𝐞 𝐟𝐨𝐫 𝐀𝐈 𝐭𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 1/3 🡪 Claims processing In most insurance organizations, the front-end of claims processing is the slowest, least structured part of the value chain. • Incoming claims often arrive with incomplete or unstructured documentation. • Teams spend hours manually reading, classifying, and routing cases. • This introduces delays, inconsistencies, and operational inefficiencies. Contrary to popular belief, the most valuable AI transformation in this workflow isn’t in final approval or fraud detection. It’s in the document intake and triage process. 1️⃣ 𝐃𝐨𝐜𝐮𝐦𝐞𝐧𝐭 𝐈𝐧𝐭𝐚𝐤𝐞 AI-powered document processing enables insurers to: ➢ Classify unstructured documents like scanned PDFs, discharge summaries, and invoices ➢ Extract relevant data points (e.g., treatment date, policy number, diagnosis, claimed amount) ➢ Flag missing or duplicate documents based on claim type or policy rules The result is faster, more accurate claim setup and reduced manual effort at intake. 2️⃣ 𝐂𝐥𝐚𝐢𝐦𝐬 𝐓𝐫𝐢𝐚𝐠𝐞 AI models trained on historical claim outcomes can: ➢ Score claims for complexity, urgency, and potential risk ➢ Route low-risk claims for straight-through processing ➢ Prioritize complex or inconsistent cases for manual intervention This improves team efficiency, reduces bottlenecks, and speeds up processing time, especially for straightforward claims. ----------------------------- In one recent engagement at : • Automating document intake and triage reduced overall processing time by 40% • Human teams shifted from manual reviews to exception handling • The insurer was able to increase first-time-right submissions and improve turnaround times for clean claims For insurers serious about using AI to improve operations, claims triage and document intake are the right places to start. These processes have clear data inputs, defined decision points, and a measurable impact on cycle time, cost, and customer satisfaction. #insurance #aiforinsurance #insurtech

❓ 14 years of powering global Insurance Brokers with technology taught us what really drives ROI! Along the way, we’ve gathered invaluable insights and lessons from the trenches. In this episode of Teambase Talks we will share how these experiences translate into tangible value and measurable ROI for our global Broker clients. Technology is only as powerful as the outcomes and impact it creates, and we truly believe this! Episode 3 below where Robert Koval and I will share lessons learnt with Client Case Study examples from Global projects and implementations: 🔑 With BenefitNet powering Broker operations, our client slashed inefficiencies and achieved over 50% greater productivity.   🔑 Teambase supports and empowers Brokers to grow bigger, faster—without adding staff. The result? Sustainable cost savings and teams freed up to drive strategy and deliver superior client service and value.   🔑Manual processes shouldn’t hold growth hostage. Yet one broker we worked with found themselves unable to invoice clients on time, caught in a tangled web of reconciliation delays and operational bottlenecks. They now can reconcile 85% of transactions automatically without manual intervention leading to 100% quicker invoice reconciliation! Impact at scale! 🔑By automating repetitive Excel and reporting tasks, organizations not only gain speed and accuracy but also unlock their people’s potential—redirecting valuable time toward strategy and client-focused initiatives. 🎯 Real Talks, Real Trends and Real Value….Teambase Talks! #Insurance #InsurTech

As an insurance enthusiast, I've been reflecting on key approaches to effectively measure and communicate the value of telematics to customers. Here are some valuable insights: - Define clear benefits: Telematics promotes safer driving, reduces premiums, and enables personalized offerings. For instance, Allstate's Drivewise provides feedback on driving behavior, potentially leading to discounts for safe drivers. - Leverage data: Showcase the measurable impact of telematics with concrete examples and data-driven insights. Progressive's Snapshot program demonstrates that drivers can save up to 30% on premiums by adopting safer driving habits monitored through telematics. - Overcome barriers: Address common concerns upfront to help customers navigate adoption hurdles. Liberty Mutual’s RightTrack program offers a 5% discount just for signing up, addressing fears about data privacy and pricing fairness. - Sustain customer engagement: Cultivate trust and loyalty through continuous interaction. Root Insurance engages customers with app-based telematics, providing real-time feedback and customized premiums to encourage safe driving. - Personalize by segment: Customize telematics solutions for distinct customer groups. For example, Nationwide's SmartRide adapts its program to different demographics, offering personalized premium reductions based on unique habits. - Innovate and differentiate: Continually enhance telematics offerings to stand out. Metromile's pay-per-mile insurance appeals to city dwellers and low-mileage drivers, creating a fresh market offering. I'm curious to hear about your experiences with telematics and how insurers can further unlock its potential. #telematics #insurtech #customerengagement #dataanalytics #insurance