The toothpaste is out of the tube
To support the risk exchange throughout the commercial insurance value chain standards, processes, templates, formats, layouts have emerged, in multiple markets, over decades and continue to emerge. Documents in countless flavours are manually interpreted by a scarce pool of specialist experts. Volumes, complexity and client expectation are set to increase further. Going back to a […]
Extraction of entities from unstructured Commercial Insurance Documents- leveraging NER and GenAI algorithms
You might be aware that in the vast sea of insurance documents, approximately 80% of valuable information is hidden within unstructured text. Imagine both the time and resources that insurance companies spend sifting through policies, claims, and customer correspondence, searching for details like policy numbers, claim details, and beneficiary information. There is additional complexity with […]
Why Commercial Insurance Companies are Drowning in Documents
Paperwork – it is a term that sends shivers down the spine of many professionals, particularly those working in the commercial insurance sector. Often viewed as a necessary inconvenience and despite living in an increasingly digital world, insurance companies appear to be sinking in a sea of documents. But why is this the case? In […]
Amplifying Commercial Insurance Productivity Tenfold via Generative AI and IDP
Insurance companies need to keep pace and adopt emerging technologies to innovate, staying behind the curve is not an option. This is why the convergence of Generative Artificial Intelligence (AI) and Intelligent Document Processing (IDP) is on track to completely transform the way commercial insurance processes operate, offering the potential to boost throughput by an […]
Bringing Insurants to the US with support from Innovate UK
This April, we embarked on an inspiring journey to the United States, filled with strategic meetings and invaluable networking opportunities. This was our grand debut for Insurants, having been selected for the UK InsurTech Global Business Innovation Programme, led by Innovate UK, the UK’s national innovation agency. Our mission was clear: to strengthen connections with […]
Drowning in documents: how to make working in insurance more rewarding
Across the commercial insurance market, lots of time is spent on core processes, such as searching for information across emails and documents, and not enough time on the job at hand.
Scaling up new technology while avoiding the pitfalls
A recent Insurance Post roundtable held in association with Insurants explored the complexity issue. Valerie Hart reports.
I can’t wait for Blueprint 2…
With the Insurer and Insurance Insider reporting on 22nd March of another delay to Blueprint 2 (Phase 1 moving to Q4 ’24) this blog now seems rather prophetic. The choices are becoming more stark; wait for the much needed market transformation that’s been delayed or start delivering benefits to your counter-parties now, and be better […]
Taming the Paper Juggernaut: Managing Document Complexity in Commercial Insurance
Every day Brokers and Carriers produce, read, interpret, and process a complex myriad of documentation including policy documents loss run reports, binders, quotes, financial statements, and more. And for all the talk about automation and streamlining workflows, the vast majority of these documents are still being processed manually. Managing this and taming this paper juggernaut […]
AI-Powered Intelligent Document Processing: Reshaping the Commercial Insurance Industry
Introduction The rapid evolution in Artificial Intelligence (AI), especially in handling unstructured content, is poised to reshape the commercial insurance sector. While the industry’s business requirements remain unchanged, the way they are handled is set for a paradigm shift. Commercial brokers manage vast amounts of client information that turns into millions of policy documents, encompassing […]
