Sapiens counts on its industry knowledge to stay ahead as AI transforms insurance
Like any industry that relies heavily on document-based processes, insurance stands to make huge efficiency gains from deploying generative AI, with its ability to rapidly digest and analyze unstructured data sources. But what if the industry went further — if, instead of merely tidying up its processes, it took the opportunity to replace them with swifter, simpler ways of doing business?
Paul Wheeler, CEO of insurance business applications provider Sapiens, gives an example from the motor insurance sector, where the traditional process of settling an accident claim involves submitting the paperwork, waiting for a loss adjuster to validate it, being provided with a hire car while all this is going on, and many weeks later receiving a settlement that's disappointingly less than expected. Established firms are finding themselves undercut by faster-moving startup competitors with lower costs. So why not turn the process on its head? Here's his account of how...
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