ServiceNow AI solutions are rewriting the rules of insurance underwriting. Yet, most insurers are still wary of writing off traditional underwriting practices and are weighed down by manual processes and unstructured data. A complete overhaul of the backbone of risk pricing can seem a daunting task, but AI adoption for underwriting is no longer optional. It is a necessity to stay relevant in competitive markets and for scalable growth.

Your knowledge workers, including underwriters, currently spend 30% of their time just looking for the information they need to complete tasks. Underwriters are unable to perform to their full potential given the volume of data underwriters need to go through manually and the time-consuming administrative tasks they are forced to execute. This has a ripple effect, influencing all aspects of your enterprise from compliance maintenance to customer experiences and brand reputation and ultimately, negatively affecting growth. Research suggests underwriters spend 40% of their time on tasks unrelated to underwriting and this inefficiency can cost you upwards of $85 billion over the next five years.

AI has made significant inroads in the insurance industry with automated insurance claims workflows improving accuracy in claims processing. Similarly, smart knowledge management and personalized experiences with AI-powered underwriting can reduce processing time from a couple of days to a few seconds and help optimize risk pricing based on the individual customer.

ServiceNow AI

Why your underwriting process needs an AI engine

Data is your underwriter’s bread and butter. With the boom in connected consumer devices, the volume of data they would have to sift through has shot up. Connected consumer devices such as fitness trackers, home assistants, smartphones and smart watches are witnessing rapid adoption with more people set to embrace emerging smart tech such as eyewear, medical devices, home appliances and more. Experts predict more than one trillion connected devices would be in use by 2025. Extracting, processing and storing information from these devices on legacy systems is not feasible. Automating data collection, data extraction, filling forms and other repetitive task allows your underwriters to concentrate on using relevant insights from this data to decide on profitable and fair pricing.

With a better understanding of risk and machine learning models, enterprises can price risk more effectively. AI-powered systems can improve productivity with enhancements to workflows. Real-time data insights can help leaders develop better pricing strategies and improve customer retention. Modern AI systems put together information from various sources, providing a complete picture of the customer with insights available to all authorized stakeholders across the underwriting lifecycle.

ServiceNow AI solutions for insurers

ServiceNow AI capabilities go beyond the usual crop of chatbots and incident detection. Now Platform actively works to identify automation opportunities in your operations, unify knowledge bases for advanced and smooth search and intelligently route cases based on experience and prioritize tasks. ServiceNow San Diego release comes with specific modules geared at the financial services industry. ServiceNow busts siloed data to present underwriters with a holistic view of the customer via Customer Central with real-time data and contextual information.

ServiceNow Tokyo release introduces Personal Lines Claims application for increased real-time visibility into claim status, simplified processing right from FNOL to settlement with minimal manual work and all claims-related information in one centralized location. Implementing ServiceNow with AI, machine learning and automation solutions enhance the underwriting and claims management processes and improves customer experiences.

A Premier Partner of ServiceNow can simplify the implementation process while maximizing ROI. ServiceNow implementation doesn’t mean you have to abandon all your existing tools. ServiceNow’s easy integration option allows you to effortlessly switch between Now Platform and your preferred third-party apps with ServiceNow serving as your centralized single source of truth. A global staffing company obtained better control of information with ServiceNow-Jira integration. A click of a button was all it took for bidirectional flow of information. The integration turned their customer service management around.


 

Latest posts by Mary Radjou (see all)