cognitive automation is poised to revolutionize the core of the insurance business
Traditionally underwriting, which relies on customer data and analytical proficiency, has been pivotal to the insurance industry. Cognitive automation, a combination of cognitive processing and robotic process automation (RPA), will assist insurers in evaluating their exposure to risk. Cognitive enabled underwriters will be faster and more accurate than traditional methods.
Solve Business Problems with Watson Technology
Dayhuff has combined the best in market products to provide a solid foundation for Cognitive RPA. By leveraging IBM DataCap capture and cognitive capabilities, Dayhuff can quickly gather and process data related to an applicant from both internal and external sites. For life insurance we can use RPA to get relevant prescription and medical histories from Milliman IntelliScript and update the internal underwriting system automatically. For auto insurance we can use the cognitive capabilities of DataCap to read DMV records or a CLUE report and use RPA to update Guidewire or other underwriting systems.
Cognitive automation will allow insurers to evaluate huge volumes of complex data and make quick decisions across their organizations. Insurers will be able to use this capability to develop new products, entering additional markets more quickly than their competitors. Insurers will also be able to apply cognitive automation to better manage external data, such as credit scores and weather forecasts, which is essential for risk assessment.
AI Powered Self Service
The Dayhuff Group is helping its insurance customers implement RPA into their processes with a new offering called ROBIN, which combines the latest IBM technologies with a preconfigured dictionary capable of reading the most common insurance documents and a proven process to train the cognitive engine. Insurance underwriters have seen as much as a 25 percent increase in the efficiency for processing of new policy applications. Dayhuff Group is offering an operational walk-through to assess your underwriting or claims process to identify the efficiencies you could gain. Contact the Dayhuff Group today!