How will AI affect the insurance industry?
Insurance is a complex and highly regulated industry, and as a result, tends to be cautious when it comes to new technologies.
Surrounded by AI hype, it’s tempting to dive in headfirst, but careful planning and a strong foundation are both necessary. While insurance must move forward, we encourage companies to view AI as a tool like any other – and keep human expertise at the center. At ReSource Pro, we take a three-pronged approach to help our clients fully leverage AI: Integrate, Optimize, Digitize.
Integrate
Optimize
Digitize
“AI isn’t new in insurance. The biggest challenge that carriers and agencies face is the fragmented and complex nature of the industry itself. To get true business value out of AI, insurance organizations must first lay the proper foundation.”
Dan Epstein
CEO, ReSource Pro
CEO perspective:
Is your organization ready for AI?
While almost all organizations name AI as a key focus, only 37% believe they’re ready to implement it.
Before effectively leveraging AI, companies must start with a strong foundation.
AI aspirations versus readiness - the data gap
Source: Forbes “What CIOs Say Is In The Way Of Successful AI Implementation” 9/12/2024
Start by asking yourself these questions:
Do you have the resources to integrate your data?
Are your processes consistent and efficient?
Is your domain knowledge safe?
AI aspirations versus readiness - the data gap
Real AI use cases in insurance
How ReSource Pro experts helped three clients on their digital journey
Integrate
The client: A multi-billion dollar insurance carrier
The challenge: Guidewire system conversion was necessary but costly and time-consuming, with manual entry required.
How we helped: Our experts stepped in to streamline the systems integration process, creating a tailored automation solution.
The impact: Reduced the manual impact of SMB phase from $1.5 million to $700 thousand.
Optimize
The client: A leading independent insurance wholesaler and underwriting manager
The challenge: Personnel across 40+ offices were spending too much time on binding activities, taking away bandwidth for higher level tasks. Without a standardized process, there was no way to automate.
How we helped: Our team assessed current binding processes across 5 regions, developing a standardized procedure and rollout plan. Half of binding activities were transitioned to our BPM team, with monitoring mechanisms implemented to review adoption rate and progress.
The impact: 75,000 hours and $1.1 million saved, achieved an overall quality level of 99.95%, and set the client up for success to automate the process in the future.
digitize
The client: Insurance broker focused on mid-size and top 100
The challenge: Time-consuming direct billing process was inefficient and too costly.
How we helped: Leveraging ReSource Pro’s AI-powered solution, Direct Bill Complete, the team helped to digitize and streamline the client’s direct billing process.
The impact: 35% cost reduction.
Our latest research
How are insurance companies using AI today?
- Discover the differences between “classic AI” and “deep AI”
- Learn about the current state of AI maturity for all insurance segments, from distribution to claims
The most promising AI applications for insurance
- Retail agencies and brokers
Enhanced staff expertise, personalized customer experiences, “smart” automation, and new business models
- MGAs and wholesalers
More tailored insurance solutions, smarter underwriting, and agile operations
- Carriers
Product innovation, faster submission processing, precision underwriting, and automated claims handling
Browse our latest insights on AI and related technologies
Made for you
When it comes to implementing artificial intelligence, every organization faces its own unique obstacles. We’ve created tailored solutions that solve for your most complex challenges, powered by AI and verified by human experts.
Retail agents & brokers
Will AI replace insurance agents? Never – but coupled with our years of insurance expertise, AI-powered tools allow your people to focus on higher-skill activities.
Policy Insights® ExpressCheck
- Insurance policy automation solution streamlines and automates policy checking
- Draws from 20+ years of experience in complex policy checking services
- Self-service, AI-driven model: The solution is in your hands
Direct Bill Complete
- Streamline direct bill reconciliation process
- End-to-end, AI-driven support – with human in the loop
Carriers, MGAs & wholesalers
AI is a powerful co-pilot to your expertise, letting you streamline repetitive tasks, customize client experiences, and automate data processing to help with decision making.
- Improve and speed up underwriting risk analysis
- Enhance your compliance process
- Streamline your submissions workflow
