Thinking Robots in the Insurance Sector with Agentic AI
The insurance sector survives by managing complex operations and controlling large amounts of data. This situation forces companies in the sector to quickly adopt and implement new technologies. Otherwise, they face market losses against competitors or financial damages. Agentic AI offers a solution in a sector where managing complex operations and data is so critical, securing a pivotal position. So, how can insurance companies become more digital with this technology? Interested? Keep reading!
What is Agentic AI and How Does It Work in the Insurance Sector?
Agentic AI is a generative artificial intelligence technology capable of performing human-like tasks, supporting automation processes, and providing deep analysis and decision-making capabilities in workflows. This technology integrates with RPA (Robotic Process Automation) products, helping eliminate complex operational burdens in the insurance sector.
- Data Processing: From policy applications to damage claims, it quickly processes various documents and performs the actions you specify.
- Decision Making: Decides which illness should be covered or which payment should be canceled, tailored to your company and processes.
- Personalized Experience: AI-powered assistants are there for your customers whenever they need it, offering personalized suggestions and solutions.
Thus, it provides extensive usage advantages in the insurance sector. And if you're wondering what you'll gain by doing this...
Advantages of Agentic AI for Insurance Companies
For insurance companies, efficiency is not just limited to cost savings. Agentic AI will bring more to your company:
- Reduction in Operational Costs:
Agentic AI processes automate repetitive tasks. For example:
- Automated document processing can reduce human errors by 99%.
- Use the FTE Calculator to estimate how much your company could save for a specific process.
- Improved Customer Satisfaction:
In insurance, the connection with customers is crucial. Once damaged, it may not recover. AI-powered assistants offer faster and more effective service to customers. For instance:
- When a customer wants to report a claim, assistants can quickly gather information, initiate the process, and provide updates at every step.
- Generative AI can offer customized policy proposals to customers. Dynamic pricing ensures maximum profitability without losing market share in competition.
- Enhanced Risk Analysis:
In insurance, failing to manage risk can be catastrophic. Agentic AI analyzes reports and generates insights, enabling insurance companies to prevent losses.
- According to a McKinsey report, companies that enhance risk analysis with generative AI have increased profitability by 25%.
Examples of Agentic AI Use in Companies
- Speed and Accuracy in Claim Management:
A customer's vehicle damage claim can be automatically processed by Agentic AI. It analyzes damage photos and initiates compensation operations.
State Farm reduced claim processing times by 82% using Agentic AI processes.
- Automation of Policy Renewal Processes:
Agentic AI predicts policy renewal dates in advance and sends automated, personalized reminders to customers. This prevents customer loss and ensures sustainable revenue flow.
- Automation of Agent Sales Suggestions:
The Agentic AI process analyzes agent sales and provides high-potential product recommendations.
Metropolitan Group increased sales by 28% in three months using this process.
How to Start Using Agentic AI in Your Company?
- Review examples: Click here to explore Agentic AI examples.
- Chat with Nisus Case Generator Assistant: Get personalized recommendations for your company.
- Use the FTE Calculator to estimate savings: Calculate now.
- Work with a partner: See our trusted partners.
- Start developing now: Begin your digital transformation journey.
Conclusion: A Revolution Begins in the Insurance Sector
Agentic AI is an indispensable technology for achieving cost advantages, customer satisfaction, and operational efficiency in the insurance sector. You should start this transformation immediately to digitize your business processes and gain an edge over competitors in the future.