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Harnessing the Power of AI in Life Insurance: A Practical Guide

September 12 2023

3 min read

The insurance industry has long relied on paper-based processes that can slow things down and create frustration for customers, but it doesn’t have to be that way.  In this post, we’ll explore how AI and automation are transforming archaic insurance workflows into modern, digital experiences.

The future of insurance lies in intelligent automation. Join us as we pull back the curtain on how AI is empowering insurers to streamline operations, improve customer satisfaction, and drive growth. The future is automated, and the future is now.

Life Insurance Needs an Upgrade

Have you ever wondered why insurance—something designed to bring peace of mind—often ends up causing more headaches than it solves? Imagine a world where filing claims, renewing policies, and even customer onboarding could happen in the blink of an eye. And yet, most businesses simply aren’t ready for the impending changes on the horizon. According to Accenture, only 10% are prepared for what’s coming.

The Problems with Yesterday’s Insurance

Life insurance has long been trapped in a web of paperwork, complex calculations, and constant customer queries. This has created numerous challenges, particularly in key operations such as underwriting, new account opening, account maintenance, and claims processing. Traditionally, these processes have been managed manually, leading to both inaccuracies and painfully slow turnaround times, both of which slow growth, hurt sales, cost money, and make customers unhappy.

This where AI and Automation are poised to disrupt the norm. McKinsey predicts that By 2030, manual processes (think underwriting) will no longer exist for personal and small-business products across life, property and casualty insurance. The legacy inefficiencies of manual processes have stifled growth, hurt sales, inflated costs, and damaged customer experiences for too long.

But the future looks bright. AI and automation will eliminate these manual bottlenecks, allowing insurance providers to thrive. By automating antiquated, error-prone workflows, insurers can achieve streamlined operations, reduced expenses, and satisfied customers. The time has come to break free of the status quo. AI and automation pave the path forward to increased efficiency, higher precision, and better experiences for all.

AI and Automation: The Power Duo for Insurance

Automation and Artificial Intelligence have the potential to drastically improve back-office processes, making them both faster and more accurate. Automation handles the repetitive tasks of sorting and extracting data from documents, freeing up human employees to focus on more complex tasks. Meanwhile, AI brings in the ability to understand and interpret the context of these documents, even if they come in various formats or contain complex information.

It’s this ability to learn that is the real game changer. Over time, AI algorithms learn from the data they process, becoming increasingly accurate and efficient in sorting and analyzing it. Together, automation and AI are an invaluable duo for companies, helping them process large volumes of documents more quickly and accurately than ever before, which in turn leads to better decision-making and improved customer service.

Hyperscience: Where AI and Human Collaboration Power Transformation

Hyperscience’s AI-driven approach to business processes empowers life insurance companies to easily transform their operations—enhancing accuracy, customer satisfaction, and overall growth potential.

Hyperscience sets itself apart from competitors in several key ways.

  • Precision Extractions = Faster Decisions: Hyperscience’s unmatched accuracy extracting data from documents allows insurers to accelerate underwriting and claims.
  • Adaptable to Your Needs = Lower Costs: The flexible platform scales to fit each insurer’s unique requirements, reducing deployment and maintenance costs.
  • Trusted by Industry Leaders = Reduced Risk: Household names trust Hyperscience, mitigating concerns about unproven technology.
  • Cutting-Edge Innovation = Future-Proof: Continual advancement of ML technologies ensures Hyperscience offers leading-edge solutions now and in the future.

With an understanding of how Hyperscience stands out, insurance companies can start taking steps to implement automation and transform their business.

The Proof is In the Numbers

Through collaboration with Hyperscience, large global insurer QBE achieved an impressive 80% reduction in claims processing duration. By implementing Hyperscience’s AI-powered document processing, QBE was able to automate significant portions of their claims handling workflow. This resulted in faster claims completion, allowing QBE to get money into the hands of their customers when they need it most. Additionally, the dramatic reduction in processing time enabled QBE’s claims teams to operate more efficiently and focus their efforts on higher-value work.

The combined power of automation and artificial intelligence enabled QBE to greatly improve the customer experience, reduce operating costs, and underscore their dedication to providing top-tier customer service. The transformation of their claims process underscores how AI-driven automation can help insurers like QBE boost efficiency, deliver faster service, improve customer satisfaction, and ultimately strengthen their competitive positioning.

And this is just one example. To learn more about how Hyperscience has helped other insurers, take a look at our featured case studies.

The Future is Automated

Automation and AI are not just buzzwords; they are game-changers for the life insurance industry. By automating manual processes and leveraging AI’s analytical capabilities, insurers can cut operational costs, improve customer satisfaction, and streamline operations like never before.

The march toward more automated, intelligent systems in the insurance sector is clearly underway, and it shows no signs of slowing down. With solutions like Hyperscience, insurers can harness automation and AI to achieve the next level of speed, precision, and innovation.