Insurance AI and a difference 1 hour can make?

Industry: Insurance

Artificial Intelligence (AI) can help you provide higher value coverage

Challenges

Challenges to insurance sector are many. I am just going to enumerate a few of them:

• Health care costs seem to move only in 1 direction.
• This puts lots of pressure on both the claimant and the payer.
• There is such a huge volume of data that is being generated.
• Due to this it becomes harder to find ways to enhance their value coverage over a greater spread while keeping their plans affordable.

Answers

This is where Advanced analytics and AI helped one such insurance player.

By combing through lots and lots of data, our AI engine was able to help them uncover savings of more than $76 mn in just one hour - starting from scratch!

Amazing, and true!

Here's how it went down ...

We had 2 teams surfing through the data. 1 - a human analyst and the other our AI engine.

Timeline:

• Within the first 15 minutes - our BI was setup and created the necessary vizualizations!
• At 34 minutes in our human analyst struck first. He spotted a $6m in cost saving at a depth of 2.
• At 57 minutes, our AI engine raised an insight. It spotted a whopping $70 mn cost saving at a depth of 5!
• At the end of the hour, we were able to find $76 mn in cost savings for the insurance company.

AI is a powerful enabler!

Insights that used to take days and weeks, can be done in minutes and hours now.