10%

Try : Insurtech, Application Development

Edtech(5)

Events(31)

Interviews(2)

Life@mantra(10)

Logistics(1)

Strategy(13)

Testing(6)

Android(40)

Backend(28)

Dev Ops(2)

Enterprise Solution(18)

Frontend(28)

iOS(35)

Javascript(13)

AI in Insurance(24)

Insurtech(52)

Product Innovation(30)

Solutions(11)

Augmented Reality(7)

Customer Journey(7)

Design(6)

User Experience(21)

Artificial Intelligence(91)

Bitcoin(7)

Blockchain(14)

Cognitive Computing(7)

Computer Vision(5)

Data Science(13)

FinTech(41)

Intelligent Automation(22)

Machine Learning(43)

Natural Language Processing(9)

FlowMagic — The Visual AI Platform for Insurer Workflows

For any operational effort across large organizations, a significant amount of time and resources are spent manually inputting data into downstream systems. These processes more specifically affect insurance practices that are deeply reliant on back-office processes. The bulk of the insurance workforce is condensed into operations and support functions (e.g. policy issuance and servicing). Here, data is typically unstructured and locked away in heaps of paper-based documents, emails, scanned images, excel worksheets, pdf, and word reports.

Typically in insurance, at least 90% of unstructured documents are manually processed, while an ‘Insurance Policy Administration System’ is on average between 15–20 years old — forcing them at times to lag behind their financial services peers. 

To make the most out of the massive quanta of inbound data stored in siloed systems, firms have recently begun to take a serious look at streamlining data migration using AI-based tools. The burgeoning reality is that a tremendous amount of man-hours are wasted in repetitive tasks leading to increased processing times and slower through rates for insurance.

Proportion of Unstructured Data in P&C Insurance (%)

portion of Unstructured Data in P&C Insurance (%)


Source: SPS Data

AI Gets Holed Up In Silos
According to a recent IDG study titled the ‘Future of Work’, less than 50% of global enterprises have deployed intelligent automation technologies (such as AI, Cognitive Automation or RPA), while over two-thirds find greater difficulty in integrating these people, process and AI. Over fifty percent of enterprises identify siloed deployments and overwhelmed internal application development teams as long-term issues. This can create friction between teams operating in silos and those trying to derive insights from unstructured docs. Nearly a third of enterprises identified getting AI into production and live services as the single biggest challenge to overcome.

According to a McKinsey paper, intelligent process automation is at the core of next-generation operational business models.

The Need For Intelligent Document Processing

The Need For Intelligent Document Processing


Source: Imaginea

A New Platform

MantraLabs has launched a unique solution to address the insurer’s pain-point through an intelligent platform built especially for silos, The solution addresses several dependency issues and is built to scale, making it a vendor-neutral platform that doesn’t require deep coding skills. The christened solution is FlowMagic — a simple and easy to use visual AI platform for insurer workflows.

FlowMagic applies proprietary AI techniques, Machine Learning and NLP, to extract any target data from unstructured documents. At the recently convened 4th Annual Insurance India Summit and Awards 2019 held in Mumbai, Mantra Labs presented a live demonstration of FlowMagic’s unique capabilities. Mantra Labs CEO Parag Sharma took the opportunity while speaking in front of industry leaders and attendees, to showcase our true AI-first approach to solving insurance challenges. FlowMagic truly embodies the spirit of that approach in tackling the problems plaguing traditional insurers — such as reducing document delivery times to the back-office by 80%.

FLOWMAGIC DASHBOARD

Customizable Workflows
The platform is equipped with plug and play capability. Using quick drag and drop, one can create custom workflows to address the most pressing operational functions, such as insurance agent onboarding or verifying medical invoices. Mantra Labs has pre-built over 50 AI-powered apps for its users to take advantage of. The open platform also allows insurers to create their own apps that can be seamlessly integrated.

FLOW MAGIC’s IN-BUILT APPS

By leveraging machine learning, insurers can use FlowMagic to shift intensive operational functions into auto-pilot. The AI tool can automate the ‘classify, extract, and validate’ cycle for insurers and direct decision-ready insights straight to decision-makers.

Although declining, the Insurance field is still paper-intensive. Insurers are shifting towards AI-powered engines to replace unnecessary manned effort behind redundant operational tasks. These systems can bring about at least a 70% reduction in manual processing and 30% improvement in cost-efficiencies throughout the value chain. 

To know more about how FlowMagic is helping insurance leaders cognitively automate complex processes, reach out to us at hello@mantralabsglobal.com 

Cancel

Knowledge thats worth delivered in your inbox

[Interview] Mr. Alex Jimenez | Digital Customer Experience in Covid-19 Times

7 minutes read

The COVID-19 pandemic has brought upon an unprecedented change in our daily lives and routines. Consumer behavior is changing constantly. Lockdowns and social distancing have led to huge losses for businesses across industries. The world is heading towards an economic slowdown. Under these circumstances, organizations are facing many challenges to keep their businesses going. Insurers too are facing similar issues. Some insurance lines such as motor, travel, home have suffered a business loss due to low demand.

To understand the impact of this crisis, especially in the USA, we interviewed Mr. Alex Jiminez, Strategy Officer at Extractable from California, and learned more about creating better digital customer experiences in these testing times. 

Extractable is a strategic consulting, design, and data analytics agency focused on the future of financial services. His other recent experience includes leading technology strategic planning for the office of the CIO, at Zions Bancorporation, and managing Digital Banking and Payments Strategy and Innovation at Rockland Trust. Alex has been named to several industry influencer lists in the areas of FinTech, RegTech, Blockchain, InsurTech, Innovation, and Digital Marketing. He has been featured in the Irish Tech News and the Independent Community Bankers of America’s (ICBA) Independent Banker.

Connect with Mr. Alex Jimenez – LinkedIn

The excerpt from the interview:

The impact of COVID-19 pandemic in the financial services industry

What is the impact of COVID-19 pandemic in the financial services industry, and how is the industry responding to the ongoing crisis in the US?

In the wake of the current crisis, organizations are more focused on keeping the operation going, trying to set-up work stations for remote working, dealing with customers and working with them over digital platforms. But very few are focusing on the future which is preparing for the after-effects of this pandemic on the economy. 

In-person communication is still an important mode of interaction with customers in the US banking sector. But now the issue is how to provide good services to clients? Some of our customers are going to experience digital models for the first time. 

Organizations that have well-defined Digital Strategies and Customer-First approach will be able to provide good support to their customers. Organizations that are late into this space are more likely to face problems in the future.

[Related: The Impact of Covid-19 on the Global Economy and Insurance]

Changing customer preferences

How can companies reach out to their customers in this New Normal world?

We have already started to move towards a digital-centric world which is just going to accelerate. We will see businesses who have earlier ignored their digital capabilities will now build more on them. 

The first video call was invented in the 60s and was not so appreciated as everybody thought it was expensive and complicated. Today we have FaceTime, Zoom but adoption has not happened on a larger scale. But this will soon accelerate. Customers will be comfortable dialing into a video chat with their Insurance agent. 

I don’t believe there’ll be a New Normal. For example, in the US after 9/11 people thought that life will never get back to normal but except for rigorous security screening at the airports, there hasn’t been much change in the behavior. 

In Israel, amidst all the constant disturbance, people in Tel Aviv and Jerusalem are living normal lives. There’ll certainly be some specific changes post the pandemic such as more adoption of digital technologies, more focus on customer needs but I believe there won’t be an entirely new world with a drastic change in consumer behavior.  

The need for personalization

What are some Attention hacking lessons for Insurers operating in ‘the New Normal’?

We are moving towards the personalization of products in general. Generally in Life Insurance, we insure people based on their date of birth or medical history. But what if we insure people based on their behavior? If we did that, would people change their more risky behavior to get a better rate? A non-smoker can be given a better rate as opposed to a smoker. If we get down to individuality, saying that this is your individual (your own) rate; it makes a difference. 

There is a lot of data available and AI is needed to mine that data and derive analytics. Just by building a relationship with customers, we are not doing a great job with personalization. It’s important to apply a human touch to the communication which makes customers feel like you know them. Thus, retaining their attention.

Digital customer experience in Insurance

For the insurance industry, what steps can help in delivering the right digital customer experience in terms of UX and visual design?

A lot of organizations practice Design Thinking but Financial Services don’t. They are of the opinion that they know what is needed as they themselves are customers and they have data from the surveys. But that’s a wrong approach. Design Thinking is about empathy. It is important to get into the shoes of your clients to design better solutions.

To enhance digital customer experience, Insurers need a thorough understanding of users — who are the ultimate clients, their needs, what they expect from this experience, etc. After comprehending how they engage with technology and financial services, start venturing into the solution and test the solutions with actual users.

Innovations in the financial services industry

What technology-based innovations are being explored within the financial services industry? And, do you see AI playing a role in the short term? 

AI has already affected Financial Services in a positive way and will make it better. In insurance, IoT has been very impactful and will continue to be. Some applications have already been applied in reality like sensors in cars to detect speed and ensure that you are under the speed limit. This helps in getting reduced premiums. 

However, some basic processes are still done in the old school way of shuffling papers. Straight though-out processes have not yet happened. Now RPA is being applied to this but it is more like a band-aid. What is more important is how we can build processes through true automation with AI.

[Related: 5 Insurance Front Office Operations AI Can Improve]

Adoption of AI in Insurance

Speaking about more adoption of technologies, do you think there’ll be more investment in AI now?

Absolutely! We have already seen that investment in technologies like AI, cloud computing, quantum computing has been ramping up. Businesses will invest much more in AI than before. It might be for better decision making, underwriting, understanding the behavior of clients, etc. Also, from a marketing standpoint, financial services have never focused much before but will now invest in AI for this area too.

[Related: How is AI extending customer support during COVID-19 pandemic]

In your recent article in Extractable – “Deploying third-party financial service technology to mitigate crisis” you talk about what tech vendors are doing wrong. Please expand on how to encourage resources to be innovative change agents?

There were two points that I made in the article-

First is about what companies are doing incorrectly when it comes to innovation. Risk management is consulted only after developing the product. The product release is stalled until the legal compliances are adhered to. Instead, companies should involve the risk management at the beginning of the process (while defining the problem and solution). Involving risk management at every step of the innovation process will make it much easier to push out innovation.

The second was about vendor management. Many small vendors such as tech vendors, InsurTechs want to sell solutions to financial service companies but are often surprised by the tedious vendor management process. There’s a lot of documentation. Once the first process of selling is done, vendors should package the documentation in a way that when the next prospect asks for it, the due diligence package is ready to offer. 

Read article – Deploying third-party financial service technology to mitigate crisis 

Wrapping up

Alex shared interesting insights on how Design Thinking and Visual Design can create better digital customer experience. The design vertical at Mantra Labs too believes in the same and has designed UX for various applications for its customers. Here’s an article to understand the role of Customer Experience (CX) and User Experience (UX): Creating Amazing Digital Customer Experiences

[Also read: [Interview] Mr. Andrew Warburton | The New Normal in Insurance]

AI is going to be essential for Insurers to gain that competitive edge in the post-pandemic world. Check out Hitee — an Insurance specific chatbot for driving customer engagement. For your specific requirements, please feel free to write to us at hello@mantralabsglobal.com. 

Cancel

Knowledge thats worth delivered in your inbox

Loading More Posts ...
Go Top
bot

May i help you?

bot shadow

Our Website is
Best Experienced on
Chrome & Safari

safari icon