Many of us have some kind of insurance to help cover the future costs of problems with our health, our cars and our homes. When and if the time comes, most of us also know that filing a claim can be quite complicated and following the process through to payment can lack the desired transparency. At the same time, claims represent the largest single cost for insurers, who are struggling to grow their revenue at a rate faster than the increasing operating costs. The insurance industry is on the verge of a seismic, tech-driven shift, and the EU-funded OMNIUS project is breaking new ground. Its AI solution for claims automation – soon to be rolled out to insurance carriers across Europe and North America – has demonstrated significant benefits for customers and insurers alike.
Beyond data entry
The insurance industry relies on data, documents, forms and rules-based decision-making, all of which offer fertile ground for digitalisation and automation. And although the insurance business has become more digitalised over the last couple of decades, it is far from fully exploiting the potential of automation. Although transforming insurance claims filing and processing for the digital age will not be an easy task, customers are getting impatient. According to Davinia Stöber, head of Compliance and Services at omni:us, the company behind the software-as-a-service (SaaS), “customers increasingly expect a fast, simple and satisfying 24/7 real-time claims experience that mirrors the convenience of online retail. Addressing this is the growth engine of the future.”
Your fully trained digital-claims adjuster
As an insurance and claims specialist with extensive experience in digitalisation, omni:us has put this growth engine into overdrive. Stöber explains: “omni:us is a fully scalable enterprise SaaS product that assimilates data and completes the transaction, based on algorithms incorporating predictive models and simple business rules. The algorithms maximise customer experience and drastically reduce costs related to personnel, claims management process failures and fraud.” omni:us can be integrated into business workflow in less than 10 days, seamlessly orchestrating connectivity to existing software including industry giants Guidewire and Sapiens. This minimises the risks of digital transformations for insurers. Simpler claims are processed automatically, as are the simpler tasks of more complex claims so human adjusters can focus on damage assessment and claims that require a more personal touch.
Enterprising businesses have plenty to gain
omni:us conducted a case study with Fortune 500 company AmTrust Financial an insurance provider focused on small business insurance solutions. The study reported 60 % optimisation of resources and skills, a 25 % reduction in general operating costs, and a return on investment of 4 months. “We are disrupting an entire industry that affects almost everyone. The cost reduction for insurers will result in lower premiums and better protection for customers, while the digitisation delivers an extraordinarily fast and seamless claims experience. Companies will no longer have to choose between saving money and improving customer experience,” Stöber concludes.
OMNIUS, insurance, digitalisation, software, digital, claims, insurers, premiums, automation, SaaS, assessment, omni:us, AI