Category: AI

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AI

How is AI Revolutionizing the Insurance Landscape?

With so many real-world applications, AI has become a powerful medium for insurers to adapt to the ever-changing customer expectations and standards. AI-driven personalization could allow insurers to design Insurance products that are tailored to each consumer’s unique situation. Insurers can mine data from connected systems and adjust their rates on a case-by-case basis based on a customer’s unique situation. A new generation of AI-powered insurtechs is rapidly emerging. The insurance landscape is still in its early days of AI integration, but more companies are already trying it out and anticipating the next wave of technological development. 

Here are some quick benefits of incorporating AI in insurance:

Empowering Sales Forces and Identifying New Leads

Sales force enablement in insurance through AI and ML has been a buzzword in recent years. As customer expectations change, AI and ML solutions have become increasingly important to improve sales performance. Such a system would harness a company’s collective knowledge, identify the best customer to target, record agents on calls, analyze transcriptions and learn from each call. Then, it would be able to provide agents with the most current information to maximize their sales performance. 

In addition to enabling the sales process, AI can also identify new leads by using a prospect’s social media footprint and prioritizing them by relevance. Using AI to help sales reps increase revenue will free up time that can be used for inputting documentation or mining existing accounts. Sales force enablement solutions can significantly streamline marketing and sales processes.  

Automating Decision-Making and Underwriting Procedures  

AI and ML can improve the decision-making process of insurance companies through automated processes. These algorithms are designed to analyze objective data and produce more accurate decisions than human underwriters by classifying identical data. Furthermore, these algorithms can be trained to draw insights from historical data and recommend coverage options based on them.  

AI-driven underwriting systems can integrate with the entire insurance value chain. The insights from cross-platform visibility can open up new cross-sell opportunities, while the insights from centralized data lakes empower underwriters to approach customers with personalized insurance coverage. AI-driven systems can be trained to analyze the customer’s journey and provide the right kind of coverage for the right customer.  

Offering Claims Judgment to Adjudicate Better 

AI is already being used in insurance claims adjudication, with some insurers leveraging AI and ML in their processes. AI can proceed to mine data from electronic health records, access medical files automatically, and automatically calculate pay-outs before forwarding them to a human agent for approval. For e.g., in Health Insurance, AI-enabled claims adjudication can automate pre-authorization workflows and provide current analytic reports in a fraction of the time it takes humans. Eventually, AI can be trained to predict diseases and develop personalized treatments.  

AI and ML own the potential to drastically improve the claims adjudication process in insurance. Insurers can limit the number of claims that are out of the ordinary, allowing for less manual processing. Furthermore, AI augments human intelligence and learns from past data. This means that fewer claims go through the administrative staff, increasing productivity. This technology will make insurance claims adjudication easier for insurers and save them time and money. AI-based claims adjudication is an area that has seen a significant amount of development. Insurers have taken the lead in adopting AI, ML, and robotic process automation, and Attributum’s capabilities include all of the above and more. The adoption of AI by insurers is a sign that they’re aiming to improve productivity in their processes and create a better customer experience. 

Facilitating Seamless Documentation and Efficient Operations 

AI in insurance can identify and extract data from various sources, including handwritten documents. ML bots can identify key data points in supporting documents and translate them into structured data for updating. As the insurance industry undergoes significant pressure post-pandemic, these technologies will give insurers a competitive advantage over their rivals. Besides being excellent tools to improve operational efficiency, AI and ML have a wide variety of practical applications.

Detecting Fraudulent Activities and False Profiles 

AI can help insurers detect potential perils and make quick decisions. It can detect patterns and flag potential fraud in insurance applications and claims. AI chatbots can also flag new policies and warn customers of potential risks. AI can help insurers prevent insurance fraud by spotting patterns in consumer behavior and flagging them as higher risk. ML and AI are rapidly becoming indispensable parts of insurance documentation, and carriers should invest in the right talent to make it work in the future.

The AI-driven technology that enables insurers to create a unique risk profile of an individual will help reduce onboarding costs, speed up the process, and improve customer satisfaction. Insurance companies should prioritize customer acquisition to keep up with the competition. AI and ML will allow them to do all of this. So, if you’re an insurance company, don’t wait! Get ahead of the ordinary curve by opting for this technology today.

The Takeaway

As AI continues to evolve, insurers must invest in the foundational technology that will allow them to fully benefit from the new AI capabilities. The use of big data analytics is at the heart of AI, but insurers must take steps to secure their data and make it available. While some insurers have made the leap and are born digital, others still have inflexible legacy systems that hinder the use of AI. The future of insurance AI is bright, but insurers must take the necessary steps to prepare themselves. 

If you are looking for the right and adaptable platform to incorporate AI in your insurance operations, try PIVOT from Attributum, powered by Konsultera’s partnership, and streamline your hefty day-to-day procedures.

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Environment, Social, Governance
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AI Enterprise

Environment, Social, Governance & Sustainable Businesses

ESG stands for Environment, Social, Governance, primarily comprises the three vast areas for which the term “socially responsible investors” is conventionally used. Investors who won’t greedily and selfishly compute the potential profitability and give equal importance to values and environmental concerns while making investments are included in this category.

For example, under the classification, ‘environmental’ are issues like pollution or the amount of toxic waste an industry produces and the factors associated with climate change. Socially responsible investment can be apprehended as one that supports sustainable investment, mission-related investment, and impact-based investment. Investors who come under the category of ESG investors are more of the activist type who tend to participate in shareholder meetings and contribute to amending company policies and practices. 

Well, if you ask, ‘Why must businesses must focus on the true essence of ESG to run a sustainable business?” Then, we would like to elaborate on these points as – 

  • Sustainable approaches lead to more customers, optimize resource availability, lower energy and water usage, and, as a result, lower production costs.
  • Sustainable approaches promote social credibility, retain talent, increase job satisfaction, and strengthen community ties.
  • Government backing, incentives, overcoming increasing competitive pressure, and better investor relations, for example, in terms of better financing conditions or cheaper capital costs, are all possible outcomes of environmental sustainability.

ESG Criteria

Each of the three variables of ESG investments – environmental, social, and governance (corporate) – has a set of requirements that can be utilized by socially conscious investors or organizations looking to take a more ESG-friendly approach to their operations. Though many ESG criteria are subjective, efforts are underway on a number of fronts to provide more objective, trustworthy assessments of a company’s performance in terms of ESG policies and procedures. 

ESG – Environmental

The term “social criteria” refers to a wide range of potential difficulties. There are many different social aspects to Environment Social Governance, but they all revolve around social relationships. Many socially responsible investors consider a company’s relationship with its employees to be one of its most important ties. 

Here’s a quick glance at some of the factors to consider when assessing how a firm manages its social relationships:

  • Is employee compensation competitive, or even generous, when compared to similar jobs or positions across the sector? What types of retirement funds are accessible to employees? Does the corporation contribute to the retirement plans of its employees?
  • What benefits or perks do employees receive in addition to their basic income or salaries? If you do things like providing a free, very luxurious buffet lunch for all employees every coming Friday – or avail other types of perks that aren’t common at all workplaces, such as an on-site health club – it can make a major impact on the evaluation of your company with Environmental Social Governance – conscious investors.
  • Corporate policies on multiculturalism, inclusiveness, and sexual harassment prevention are regularly discussed.
  • Staff education and training programs; for instance, does your firm provide financial assistance for ongoing or higher education and/or flexible work schedules for employees seeking further education; what prospects do employees have at the company to be trained in new employable skills that will qualify them for higher-paying roles?
  • Is there a prominent level of employee involvement with management? How much say do employees have when it comes to defining operational processes in their departments?
  • The percentage of employees who leave.
  • What is the mission statement of the company? Is it relevant to society and profitable to society?
  • How well do you handle your customer relationships? Is there any interaction between the company and its customers on social media? What is the customer service department’s level of responsiveness and efficiency? Is there a history of customer protection issues, such as product recalls, with the company?
  • Is there a public or political stance taken by the corporation on human rights issues? Is money donated to charitable causes?

ESG – Governance

In the context of Environment Social Governance, governance refers to how a firm is run by officials in the executive suites on the top floors. How well do the company’s senior management and board of directors look out for the interests of the company’s major stakeholders, such as staff, vendors, investors, and consumers? Is the corporation involved in the community where it operates?

Transparency in finance and accounting, as well as complete and honest financial reporting, are frequently regarded as essential parts of successful company governance. Board members must also behave in a legitimate fiduciary relationship with shareholders, avoiding conflicts of interest while performing that role. Are the members of the committee of directors and the executives of the organization diverse and inclusive?

According to the ESG rating report, many investors are particularly concerned about CEO compensation, as they do not favor multi-million-dollar incentives for executives when the company imposes a salary freeze on all other employees. Is additional compensation for CEOs properly linked to the company’s long-term value, durability, and profit growth?

A rule that does require the top-level chief executive officer to maintain stock ownership similar in value to ten times their annual salary is one of the company’s corporate policies aimed at ensuring that company executives take a strong interest in the company’s ongoing success, rather than just in earning some quarterly bonus. Furthermore, executive rewards are computed using a variety of factors other than sales or profits, including workforce, investor, and client satisfaction.

ESG Metrics in Fashion Industry

In the modern-age fashion segment, ever-evolving trends are fabricated, manufactured, and supplied to users in increasingly quicker time slots, thus pushing a dramatic decrease in the number of times the clothing is worn before getting thrown away. Increasingly more clothes are getting discarded, the associated economic value is getting lost, while there are even worse environmental implications.

An apt part is that more and more people are aware of the same fact, specifically with the sustainability-driven credentials of the global fashion segment entering enhanced scrutiny. Many of the fashion industries are leading towards sustainable approaches with an aim to zeroing greenhouse gas emissions by the year 2050, reinstating the environment and ecosystems, procuring endangered species, and reducing single-use plastics by the year 2030.

Environmentally-Friendly Businesses Provide a Lot of Advantages

 Though there are no law mandates to pressurize you, environmentally-friendly business methods will merely assist you in limiting your environmental effect and protecting natural resources. Your company can benefit the environment in a variety of ways –

  • Reduce your reliance on natural resources by using items that do so, for example, rainwater tanks, solar hot water systems.
  • Utilize products made from recycled parts, for example, office supplies designed from recycled plastic, furniture made from recycled rubber. 
  • Examine all of your business activities to determine if you can make any changes, for example, reducing travel by conducting online conference calls instead of interstate meetings. 

Making your company more eco-friendly not only benefits the environment but can also save you money.

Recycling Helps You Save Money

You can save money by avoiding, minimizing, repurposing, and recycling. A few easy modifications to how you handle paper, for example, can engage your employees in ecologically responsible operations while also saving you money:

  • Excessive use of materials should be avoided.
  • By encouraging employees to print double-sided, you can save money on paper.
  • Encourage employees to take messages using scrap paper rather than buying message pads to save money.
  • By shredding extra paper, you can either recycle it commercially or allow employees to take it home to use in their compost.

Good Business Practices Can Help You to Gain New Customers

Branding your eco-friendly practices will help you stand out from the crowd and attract new consumers who want to acquire products and services from a company that cares about the environment.

Enhances Long-Term Durability

Reduce your organization’s environmental effect to uplift its long-term sustainability. Your firm will have a better chance of long-term success if you’re less dependent on natural resources than your competitors and have strategies in place to deal with rising costs as a result of climate change.

ESG ratings are aimed to aid investors in evaluating and comprehending a firm’s financially material ESG concerns. Firms are scored on each fundamental ‘E,’ ‘S,’ and ‘G’ topic, as well as an overall score, based on gathered data, including media sources and financial statements. In the past, a company’s ESG rating was often influenced more by the quality of its public relations department than by its substantive policies. Investors utilize these one-of-a-kind scores as a proxy for ESG performance. Companies that score highly on ESG parameters are considered to be better at predicting future opportunities and risks, more inclined to long-term tactical planning, and more focused on long-term wealth development. Being an eco-friendly company, Konsultera is working on a platform that aids in rating consumers on the basis of ESG. Hence, it can be proudly claimed that the use of technology in this field is rapidly increasing. 

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No KYC Blog Banner
Categories
AI

Insurtech & ‘No KYC’: How Insurers Will Deal with Contact-Ability Retention of Their Customers?

If you’re an insurer struggling with contact-ability retention amidst this insurtech saga, you’ve probably already heard the phrase, “no KYC required. ” However, this trend is far from over. Avoiding KYC for insurance has a significant impact on insurers’ contact-ability retention. It’s a sign that insurers need to invest in more than just digital technologies.

Adapt and Disrupt Business Processes
Insurers are already facing a number of challenges related to no- KYC in terms of the validation and verification of documents. Managing the issue will require the insurer to adapt and disrupt some of its legacy business processes. It’s not enough to simply implement a new system. An insurtech company insurer must be able to disrupt its own processes. It will have to work with an external network to do so. This way, the insurers will be able to take a step towards the fintech revolution.

Keep Track of Renewal Information
Organizations Insurers not aware of insurtech must work with brokers to obtain renewal information and other critical data. The issue of contact-ability retention is especially problematic for insurers not primarily dealing with life insurance technology. Without a reliable and secure data pipeline, brokers will have difficulty providing administrative services. Insurers should consider exploring blockchain technology, which holds tremendous promise for transactions involving multiple parties and no central trusted authority. Further, they should look for ways to minimize the amount of information they need from brokers and make use of publicly available information.

Make Use of Blockchain Technology
The blockchain has many advantages for KYC processes. The immutability of the network creates trust among parties. By eliminating secondary validation and cross-checking, KYC blockchain software eliminates the need for manual processes. Furthermore, it makes reporting and communication more efficient and prevents mistakes or fraud. Blockchain technology comprises the potential to reshape the way KYC processes are conducted. It allows for decentralized, automated data validation and full control over personal data. In addition, financial institutions are looking to utilize innovative technologies that will improve the way they do business. By embracing Blockchain technology, these organizations can increase transparency and reduce the risk of financial fraud and crime.

A key aspect of blockchain is that it can execute operational and control processes. By codifying workflow routing and KYC controls in smart contracts, businesses can automate KYC. This will reduce the need for periodic reviews. By utilizing the technology, more financial services companies can also implement multilingual solutions. By implementing the technology, banks and other accredited organizations can offer a better customer experience. While the future of Blockchain for KYC is uncertain, it will be a game-changer for the financial services industry.

Endnotes
Despite the challenges and opportunities, this trend is a major challenge to insurers, specifically in terms of the verification of documents. Insurers must adapt to this new reality. They must develop smart contracts and mobile applications to manage customer interactions with their clients. Insurers should use their private key to grant network access to their customers. Then, they can build smart contracts that trigger a claim process based on data provided by sensors linked to the internet of things.

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Evolution of Legal Tech
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AI

Evolution of Legal Tech

In the bygone days, if a lawyer would mistakenly forget to carry with themselves important documentary evidence, they would immediately send someone to bring the documents and, in the meanwhile, would have asked for another hearing from the judge. However, today if a similar situation of crisis occurs, lawyers simply resort to accessing the same document on the cloud storage via their mobile phones!

This shift is possible due to the evolution of legal technology over the past decades.

Legal Tech, the part of the legal industry that operates with the infusion of advanced technologies, has completely transformed the way in which attorneys and law professionals work. With the passage of time, legal tech has made it possible to digitally transform the legal industry and coordinate the proceedings with tech-savvy clients. Due to the efficiency in operations that it brings to the table, legal tech has been adopted by not just the top legal firms but also smaller firms and start-ups who have invested in legal tech.

Digital Transformation in the Legal Tech Industry Over the Years

With the advent of technological upgrades and advanced software solutions, today, there is a presence of numerous Legal tech software and highly efficient tools that Legal tech companies use. The transformation of the legal tech can be seen in the following aspects:

  • Research 

Earlier, the process of legal research was manual. It was time-consuming, tiresome, and also error-prone. With these drawbacks of the traditional process of research, it became difficult for the companies and advocates to meet the needs of their clients and deal with complex issues in a timely manner. The advent of research tools like FindLaw, Casetext, and Casemaker has made the process of legal research much easier.

  • Predictive Coding and eDiscovery

The use of Legal tech AI in predictive coding technology has become helpful to determine responsive Electronically Stored Information (ESI) documents. This is also known as Technology-Assisted Review (TAR). Many companies and Legal tech start-ups use these tools to save time and money and make better decisions that are error-free.

  • Legal Document Management

This software helps in legal document creation and management. Legal firms can now organize and access the documents in a much more efficient way which assists them in making the right business decisions.

Key trends to Observe in the Future of the Legal Tech Domain

  • Focusing on client collaboration to ensure greater transparency and a wider acceptance of legal tech tools.
  • The increased use of Legal Tech AI will result in a rise in Predictive Legal Analytics. The innovative solutions and data-driven information would help the new legal tech start-ups and existing firms.
  • There would be a change in the hiring process, and non-lawyers would be hired to contribute to increasing business efficiency using their expertise in sales, process management, and C-suit administration.

The Final Say

With all the revolutionary changes in the legal tech domain and its promising future, it would be a good opportunity for legal firms to explore the legal tech software and tools that would make their work easier. To find the right legal tech solution provider, it is recommended to research various factors such as the team size, teach stack, portfolio, experience, and many more.

For assistance and guidance regarding the appropriate legal tech tools, please connect with our experts at Konsultera and explore the growth opportunities in your business through our machine learning and AI development solutions.

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Hyperautomation & AI
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AI Santosh's Insights

Hyperautomation & AI: Driving Digital Transformation Across Domains

In the previous decade, the growing role of AI in various fields has been seen and has become commonplace. As years pass by, the use of artificially intelligence-driven automation becomes more prevalent. That’s why the idea of hyperautomation came into being. It is a term introduced or coined in Gartner’s Strategic Technology Trends for 2020. Hyperautomation is simply automation’s expansion. It introduces added technology to automation, making the most of technology.

Delving Deeper into the Concept of Hyperautomation

Hyperautomation includes increased automated business processes enabled by artificial intelligence, robotic process automation, and machine learning. It is simply an infrastructure of upgraded and advanced technologies utilized in order to scale and enhance automation capabilities.

The prime aim of this concept is to improve efficiency in the organization, which in turn increases the productivity and quality of the output. The term ‘hyperautomation’ covers several defined areas of applications that include planning, organizing, execution, collection, processing, deployment, coordination, interaction, control, and analysis of information systems. The idea behind it is to enable organizations to make use of advanced technology in the best possible manner. This helps in maintaining competitiveness in the market while making sure that improvements are made to the organization to increase the productivity and quality of the output.

How Does AI-Driven Automation/Hyperautomation Assist Various Industries?

  • Legal Tech

AI and hyperautomation in legal tech have made legal support professionals a lot more productive, particularly in the areas of in-house and contract law firms. The term Legal Automation covers the development, implementation, and control of legal procedures, workflows, practices, and data mining, depending on pre-determined rules. Automation is a branch of software engineering, which aims to model, create, analyze, control, and implement legal software systems. 

Some legal automation methods include the incremental approach, which is a series of automated steps; the functional approach, which use logical processes and procedural templates; the domain-specific approach, which is based on the legal needs of each case; and the application-specific approach, which look into the needs of particular legal cases. In addition, automation can also be applied to legal research, case preparation, the process of proofreading legal documents, as well as the generation of associated legal documents. Additionally, it covers tasks that do not need human supervision, such as those related to data mining, workflow analysis, client/agent authentication, and document review.

  • Fintech

One of the largest industries focusing on automation trends in fintech is the financial industry, and it does show no sign of changing any time soon. Companies in the financial sector are constantly looking for new ways to automate their business models and streamline processes that have traditionally required a large team of personnel to complete. The automation trends in fintech are also taking advantage of advances in technology to create new opportunities for cost reduction, efficiency, and increased productivity.

As technology improves, software used by financial institutions to facilitate banking activities is becoming more sophisticated, requiring the integration of various different types of software programs and systems. In order to effectively handle complex and demanding financial transactions, the software used must be able to perform in a highly efficient manner. Software used to automate the process of bank automation requires advancements in both hardware and software technology. One such software program is known as the Intuitive Approach, which makes use of artificial intelligence technology to make the process of automating financial transactions much easier for financial institutions. Most products in the market nowadays are designed to help customers make better financial decisions. Hyperautomation trends in fintech allow users to enjoy significant cost savings as well as increased productivity.

Endnotes

Hyperautomation is about to take the whole world on the plunge. This technology will keep improving in the future, and it is up to business owners to embrace these changes and make their business more profitable. The goal of hyperautomation for large organizations is to use technology in a manner that helps them to optimize on-demand manufacturing processes using real-time technology that allows organizations to respond quickly and efficiently to customer demands.

That’s why we at Konsultera, along with our well-versed team of engineers, and developers are creating a full-fledged AI platform to cope with ever-evolving demands in various sectors, and operate ahead of time, effectively and efficiently. 

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