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Financial services and insurance companies are all-in with artificial intelligence, with 91% launching point solutions and proofs of concept last year. A new study by EXL highlights key points for AI development as well as challenges financial institutions are facing as they implement these solutions.

A recent survey by Accenture/The Institutes reveals that underwriters are losing over 40% of their operational capacity due to manual data entry and rework. Roots Automation’s Whitepaper, Transforming Commercial Underwriting with AI-Powered Digital Coworkers delivers a comprehensive overview of using Generative AI to drive up to 99% improvement in data extraction in critical underwriting functions. In this whitepaper, you’ll discover: 👓Critical use cases across the underwriting process – from setup and clearance to quoting and binding. 🗝️Key considerations and guidance for overcoming #AI adoption challenges 🏆Real-world success stories of insurers driving greater operational efficiency and revenue generation from their investment using Digital Coworkers. Follow the link to download your copy today: https://lnkd.in/eFsbvB72 #DigitalCoworkers #GenAI #Insurtech #InsuranceDocumentAI  

If you've been following me, you know I'm all about the numbers. And here are some eye-opening stats that demand attention: - In the underwriting space in particular, 40% of time is currently spent on manual tasks that are ripe for automation. - The insurance industry is facing a critical workforce challenge with 50% of employees being boomers set to retire soon. Surprisingly, only 4% of millennials are open to joining the industry. This impending exodus leaves a significant gap, especially given the industry's existing reliance on manual processes. The good news? Automation in the AI sector is poised to make a transformative impact! #Automation #AI #InsuranceIndustry #WorkforceChallenges #RootsAutomation #MakeWorkMoreHuman #DigitalCoworker

In case you missed it: Catch up on the latest edition of Recordsure Insights. Here we unpack how financial service firms can utilise technology for the provision of ongoing advice services. Plus... 📝 Read more about the exciting Recordsure launch of AI meeting notes, the feature that speeds up post-meeting client admin process by 80% and is free for all clients 💡 How firms can revolutionise compliance processes through the power of AI 🚗 Steps motor insurers can take to demonstrate good outcomes for their stolen or vehicle written-off claimants …and more 👇 https://bit.ly/47fjDvg #AI #financialservices #technology #ongoingadviceservices #consumerduty #motoroinsrance #artificialintelligence #insights

Catch up with our tech partner’s latest news: Recordsure Insights. It includes informative reads that cover... 🖥️ How financial service firms can utilise technology for the provision of ongoing advice services 📝 The exciting Recordsure launch of AI meeting notes, the feature that speeds up post-meeting client admin process by 80% 💡 How firms can revolutionise compliance processes through the power of AI 🚘 Steps motor insurers can take to demonstrate good outcomes for their stolen or vehicle written-off claimants And much more 👇 https://bit.ly/4eeGCsu #AI #financialservices #technology #ongoingadviceservices #consumerduty #motoroinsrance #artificialintelligence #insights

With the AI model validated and deployed in production, properties deemed low-risk now enjoy expedited closing processes, shaving weeks off the transaction timeline. The introduction of this AI model: + Accelerated the processing time by weeks + Allowed for faster closings for properties identified as low-risk + Aligned with broader business goals of reducing operational costs and enhancing customer satisfaction. #AI #Softwaredevelopment #Innovation https://lnkd.in/gt-KVjG9

The insurance industry has long relied on automation to enhance operational efficiency and accuracy, from underwriting to claims processing and customer service. Generative AI, powered by machine learning and data analytics, promises an entirely new level of technological enablement.

Are you still wrestling with inefficient, error-prone insurance document processes? It's time for a change! Dive into our latest blog to discover how AI can revolutionize your document management systems. 📈 Key Takeaways: - Boost Efficiency: Significantly reduce the time spent on manual document processing. - Enhance Accuracy: Minimize errors and improve the reliability of your document workflows. - Improve Customer Satisfaction: Deliver faster and more accurate services to your clients. 👉 Don't miss out on the benefits of AI! Read the full blog here and start transforming your processes today. https://lnkd.in/dgvmitbJ #AI #InsuranceIndustry #DocumentManagement #OperationalExcellence #Inaza

At Sixfold, we're not just using AI — we're leveraging a sophisticated blend of foundational models, open-source tools, and proprietary AI models to bring efficiency to insurance underwriting. As Gregg Tourville, our Head of Product Design, puts it: “Our application serves as an underwriting brain, tailored to a carrier’s unique risk appetite, leveraging generative AI to streamline and accelerate various aspects of insurance underwriting. This includes synthesizing and summarizing complex data from diverse structured and unstructured sources such as PDFs, tables, charts, datasets and websites.” By leveraging Pinecone's capabilities, we've streamlined our data processing and facilitated the efficient management of various datasets. This results in quicker access to relevant information for underwriters. Read more here ➡️ https://lnkd.in/eFj5KXHE

The first step in revolutionizing the #claimsadjudication process is leveraging advanced technology. Implementing sophisticated #software and systems like #artificialintelligence (AI) and #machinelearning (ML) can automate routine tasks, reduce #errors, and speed up the decision-making process. Read more- https://lnkd.in/gzx8QX4G