Element AI for Insurance
AI solutions built to optimize the entire insurance value chainThe way insurers do business is evolving
The traditionally document-heavy processes of the insurance industry are becoming increasingly digitized, enabling exciting new opportunities to derive more meaningful insights from historical data.
As the industry landscape evolves, insurance service providers need access to solutions that are both built with their industry’s unique challenges in mind and capable of adapting to their processes and business objectives in order to remain profitable and deliver on ever-changing customer expectations.
We offer a broad range of modular, state-of-the-art AI products and APIs that can be assembled into insurance-specific solutions to tackle everyday challenges across the entire insurance value chain.
Use Cases
Based on exchanges with insurance service providers and industry experts we’ve learned that, on average, 30% to 60% of commercial insurance submissions received are left on the table simply because they can’t be processed in time.
Our commercial insurance submission processing solution, powered by EAI Document Intelligence, drives revenue by cutting up to 55% of time spent processing submissions, providing risk appetite recommendations and intelligently prioritizing submissions, enabling you to get more out of your team and quote business at a faster rate.
Commercial insurance risk assessment is highly manual and extremely analytical. Underwriters can spend days analyzing submission documents, comparing with past policies and looking up claim reports to evaluate the risk a business is exposed to.
EAI Knowledge Scout provides decision support for both underwriters and managers by allowing them to use natural language to either query structured data stored in various databases or ask specific questions about unstructured or semi-structured documents stored on file servers.
Knowledge Scout also allows users to perform semantic similarity search, going beyond keyword search, in order to retrieve relevant documents that contain information pertaining to a given concept or topic. These capabilities allow users to find answers to their questions faster than was ever possible.
When a first notice of loss or injury comes in, adjusters must often collect and review a multitude of documents, making this process highly manual and time consuming.
Our claims solutions, powered by EAI Document Intelligence, reduces business costs and increases client satisfaction by streamlining claim submissions processing, intelligently assigning and prioritizing claims, identifying subrogation opportunities and flagging potential fraudulent claims.
“With the increasing volume of information and data available, it’s essential that we engage with today’s AI technology to help us continue to deliver exceptional service to our brokers. Element AI offers the technology to not only help us meet customer expectations, but to balance the appropriate amount of automation and human interaction, giving us a technological competitive edge.”
“As an organisation, we are focused on building agility and scalability within our processes and systems. With a single-minded focus on delivering a seamless and superior customer experience, we want to empower ourselves with digital technologies like artificial intelligence that can help us better serve our customers. We are glad to have found a like-minded partner with Element AI to assist us in this transformation journey.”
Helping you map it all out
Most insurance professionals know it’s not a question of whether or not to deploy AI solutions, but a matter of when and where to start.
Our cross-functional team of experts can guide you through the process of driving real business value with AI, from evaluating AI business cases and identifying unique areas of innovation that require further research, through to designing MVPs and deploying sustainable, performant AI business applications at scale.