Lotus Labs collaborated with DIS (Disability Insurance Services) to conduct a strategic workshop, resulting in a comprehensive plan with a detailed timeline. The initiative focused on :
• Improving and enhancing underwriting software
• Future-proofing systems
• Building a robust data lake
• Optimizing accounting processes
• Developing an executive dashboard for advanced analytics
Insurance brands save time and effort using machine learning to assess damage in accidents, identify anomalies in billing, and more. LotusLabs provides insurers with machine learning solutions to optimize their market selection, pricing, and claims management. Machine learning is positively impacting the whole insurance industry. LotusLabs can bring a sustainable, cost-effective, and inclusive strategy within your organization.
Here are just a few ways the insurance industry is being transformed.
Case studies refined with AI
Automated Campaign System:
We developed an AI-powered automated campaign system for insurance brokers, sending reminder emails and texts to policyholders about increased policy options. The system uploads policyholder information spreadsheets and uses predefined outreach templates. Cadence for follow-up messages is customizable, and the system increased revenue by 60% in six months for one client.
AI-Powered Accounting System:
Our AI-powered accounting system automatically determines commissions for carriers based on agent and affiliate hierarchy. The system identifies unpaid commissions on inforce policies, which is normally a difficult, manual process. This system recovered $290K in lost commissions and prevents future losses.
Automated Underwriting Applications:
We use AI and OCR to convert quotes/proposals into underwriting applications, saving clients $192k per year. This eliminates the need to reenter policyholder and agent information when using separate systems for quotes and applications.
Optimized Claims Management
Access state of the art, machine learning algorithms to:
- Identify potential fraudulent claims.
- Identify and flag potentially fraudulent claims.
- Predict claims severity and large loss potentials.
- Search, categorize and summarize automatically text.
- Identifies policies that are likely to lapse, and how to approach the insured about maintaining the policy.
- Identify individuals that may have too much, or too little, insurance. Then, proactively help them get the right insurance for their current situation.
- Improves the customer experience by offering relevant information about the coverage the insured may need based on life events
- Uses unsupervised machine learning to discover predictors in claims activity. This information can help set assumptions and feed into activities such as pricing models or risk analyses.
Machine learning is positively impacting the whole insurance industry. LotusLabs can bring a sustainable, cost-effective, and inclusive strategy within your organization. Here are just a few ways the insurance industry is being transformed.