AI Solutions for Insurance Companies and Brokers

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Wondering How to Start Your AI Journey To Power Your Insurance Business to Future?

AI or Artificial Intelligence is not a buzz word in insurance industry anymore. Growth-focused Insurers, Brokers and MGAs are leveraging new-age AI solutions and data science to power their automation initiatives, detect potentially fraudulent claims, speed up underwriting process, manage risk better and retain customers through tech guided servicing.

Damco – a leading provider of AI solutions, helps insurance carrier, broker, MGA and adjuster clients embrace the new-age AI technology to maximize data utilization, transform their business processes, customer experiences (CX) and risk management and become profitable.

We Deliver Business Value by Making Your AI Journey Simpler

80%

Reduction in Claims Handling Time

85%

Reduction in Manual Work Across Claims, Policy & Underwriting

95%

Average Accuracy of Extracted Data

4X

Increase in Process Capacity

Damco’s Transformative AI Solutions

Out AI solutions with many facets — from Machine Learning (ML) and Natural Language Processing (NLP) to Robotic Process Automation (RPA) — can help you provide better products and more efficient claims, underwriting, policy administration and customer-facing processes to stay ahead of the competition while improving top line revenue and reducing operational cost.

Some of our key AI-powered solutions for insurance industry includes:

Document Processing (IDP) Solution for Core Operations

Reduce manual and cumbersome paperwork with AI-powered, faster paper & digital documents processing solution. Extract and process complex and business relevant data from unstructured insurance documents across claim triaging, validation, submission intake, quoting, underwriting areas to achieve more productivity, cost reduction & enhanced CX.

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Generative AI Solutions for Customer Service

Redefine customer interactions, strengthen relationships with your policy holders and reduce your cost-to-serve by deploying Generative AI (Gen AI) solutions like Business GPT-powered chatbots to address simpler customer inquiries related to policy management and claims initiation.

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Property Damage Estimation Solution for P&C Adjusters and Carriers

Get ML-powered accurate loss estimation reports in minutes to improve claims experience of your policyholders after catastrophe events. Drive faster claims settlements, achieve scalable operations and reduce unnecessary reworks to reduce your claims handling cost.

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AI Fraud Detection and Monitoring Solutions for Claims

Automate your claims process with the power of AI to reduce fraudulent claims and identify high-risk customers and policyholders proactively by monitoring policyholder behavior. Unearth suspicious patterns and unusual claims activities within huge volumes of claims documents using NLP technique.

Fast Track Your AI/ML Journey with Damco!

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AI Powered Solutions for Insurance

AI-Powered Successful Client Journeys

Insurance Claim Evaluation of Property Damage via AI-Based Image Analysis and Estimate Matrix

Damco helped a leading US-based independent insurance adjusting firm eliminate human errors in loss reports, increase the productivity of QA teams and improve customer experience with faster claims settlements.

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Our AI Partners

FAQs

Though on a higher level, the impact of artificial intelligence is holistic with the aim to automate various back end and front-end processes to improve the efficiency of different teams and departments while enhancing customer experience. However, currently, it is processes like underwriting, policy administration, and claims management that are taking the front seat.

AI-based solutions are not meant to be the alternative of the human workforce, in this case, the actual insurance agents. Consider these solutions as supportive tools to take care of the time consuming, redundant tasks that insurance agents face on a daily basis. With such tasks being taken care of by these solutions, insurance agents can focus on complex issues and high-value customers, leading to better productivity and improved top line growth.

Congratulations on the amazing decision that would transform your insurance firm. The deployment of an AI-solution brings a plethora of benefits not only for your agents but also to your customers. As an insurer, such solutions ensure reduced manual errors, reduced risks and fraudulent claims, reduced overheads, improved productivity, and greater customer satisfaction. For your policyholders, our AI-solutions brings benefits such as 24X7 customer support through chatbots, quicker claims processing, and better experience.

There are several factors that may impact the development duration and budget of your tailored AI solution. For instance, the complexity and scope of the functional capabilities of the desired AI solution, the type and number of AI models required for automation, compliance, security, and scalability requirements, integration complexity, and team composition are some key factors that impact the budget and deliveries.

AI powered technology solutions are crucial for improving claims operation while enhancing customer experience and reducing claims cost. It can accelerate claims processing by powering touchless claims workflows, analyzing and processing huge volumes of documents more efficiently through OCR technology and addressing customer queries seamlessly through AI-powered chatbots.