Machine Learning – Go with the DOCOflow
In our last two blogs, we explored the potential practical applications for Machine Learning in insurance, looking at its use cases in distribution, underwriting and claims. We noted that AI platform revenues within insurance would grow by 23% to $3.4 billion between 2019 and 2024. There are fears regarding the ethics of using AI in some quarters, but it seems likely that insurers working through their technology partners, compliance teams and in partnership with the regulator will overcome these challenges.
Global finance industry enterprises face an increasingly complex regulatory landscape, increasing in complexity faster than enterprises can adapt. Between 2008 and 2016, there was a 500% increase in regulatory changes in developed markets. Today, it’s estimated that a new regulatory update is made every seven minutes. By 2027, global RegTech spending is expected to exceed US$21.7bn and, according to a 2018 report by Medici, “an end-to-end RegTech implementation promises 634% in ROI realisable over a three-year period.”
Intelligent InsurTech solutions providers such as DOCOsoft should embrace this opportunity to work with their customers and guide them through the potential pitfalls of regulation as it applies to Machine Learning. Examples of how technology innovation are driving change, include applications that specialise in reducing compliance risks through intelligent automated reporting.
It is now possible to use AI to automate and orchestrate the complete communications compliance lifecycle, mitigate risk, and make surveillance both efficient and driven by ROI. Compliance with regulations like GDPR, HIPAA, and the DFS Cyber Security Regulations adds another dimension to the extensive list of challenges facing security teams.
Smart Claims Engine
Claims is an area of the insurance business that is ripe for Machine Learning transformation.
DOCOflow, for example, is an analytics tool that provides both a data driven “as-is” view of the system and processes and a smart claims processing engine, providing a visual overview of the whole claim journey through the system.
This is one area where claims handlers will welcome the removal of the need for human touchpoints on high volume\low value claims and push beyond this depending on risk appetite.
For more information on DOCOsoft’s work in the area of Machine Learning, please contact firstname.lastname@example.org.