Overview
Empower employees to make the right decisions faster
Artificial intelligence (AI) for document insights helps insurance industry employees, such as underwriters, claims processors, customer service agents and actuaries make the right business decisions faster. By revealing meaningful insights from large volumes of documents and public data, insurers can automate the process of searching through documents and data, augmenting employee decision-making for a better customer experience.
See how AI for insurance document insights works (01:28)
Benefits
Saves knowledge worker time
50%
Reduction in time spent by knowledge workers who dedicate 20% of their time to text analysis and search tasks.¹
Delivers rapid ROI
383%
Potential return on IBM Watson Discovery IT investment over 13 months.¹
Generates revenue and profit
USD 6.1M
In possible benefits generated over three years by taking advantage of efficiency gains when using IBM Watson Discovery.¹
What's your potential ROI?
IBM Watson® NLP solutions can help improve productivity and lower costs of previous tools.
Use cases
Underwriting
Increase efficiency with automation
Using AI technology to analyze many documents at once can accelerate manual reviews, helping reduce error and increase productivity. Employees can delegate time-consuming, manual tasks to machines and get data-informed insurance policy recommendations in near real-time. Not only can this approach reduce the duration of the underwriting lifecycle, better customer experiences.
Claims management processing
Provide expertise-based action
AI solutions can streamline claims management processes by extracting relevant data and offering insights to insurance company employees. With intelligently-routed claims, employees get policy and eligible claim recommendations that help determine the next best action and reduce errors.
Risk and fraud management
Spot patterns and detect fraud
Use AI to help improve fraud detection by noting potential markers of fraudulent claims. The technology can analyze various documents for patterns across historical data points that indicate fraud for employee review before claims are paid out.
Customer service
Empower agents with faster answers
With AI technology, customer service employees can spend more time solving customer problems and less time looking for the information needed to inform their next action. Agents can access more effective answers to common questions in near-real time for faster problem resolution and improved customer satisfaction.
Client stories
Meiji Yasuda Life Insurance Co.
Using AI to analyze language
Since deployment of the AI tools to analyze unstructured data, the insurer has seen a 90% reduction in work involving text data reading and analysis, and has eliminated nearly 1,500 hours of work annually.
Featured offering
IBM Watson® Discovery
Find answers and trends in your documents. Watson Discovery can learn the language of your industry, no data science expertise required.
Reports
Get started
See IBM Watson Discovery's AI capabilities in action and create your own AI application.
Footnotes
¹ The Total Economic Impact™ Of IBM Watson Natural Language Processing (NLP) Solutions (PDF, 1 MB) Forrester TEI, February 2021