Insurity, a leading provider of cloud software for insurance carriers, brokers, and MGAs, has partnered with OIP Robotics to revolutionise data processing within the Property & Casualty (P&C) insurance sector.
It aims to achieve this by integrating OIP’s AI capabilities with Insurity’s advanced Software as a Service (SaaS) offerings, the collaboration seeks to streamline processing using a single document entry point feeding Insurity’s entire product suite.
This integration maximises automation and reusability, enhancing operational processes and significantly reducing the risk of claims related to data entry errors. Submissions that previously took hours are now completed in minutes, reducing data entry errors from a 4% error ratio to less than 1%.
Moreover, the move addresses the insurance industry’s long-standing challenges with the absence of standardisation and unstructured documentation.
By seamlessly integrating AI into SaaS, Insurity and OIP aim to overcome the barriers of costly complexity typically associated with AI implementation in the insurance sector.
Mladen Subasic, Chief Product Officer at OIP Robotics, explained, “To bring true automation to insurance, it’s imperative to pair up state-of-the-art, SaaS-deployed core systems with new and emerging AI capabilities, precisely the aim of the OIP and Insurity partnership. We will bring low-touch, seamless data flow to underwriting, claims, and policy support teams, shifting their focus to what matters – building relationships with customers and growing a profitable book of business. The joint efforts of OIPR and Insurity aim to remove unstructured and insufficient data, disparate tools, and reliance on legacy systems from the equation. We are thrilled about this partnership and excited to work alongside an innovation-driven company such as Insurity.”
Sylvester Mathis, Chief Insurance Officer at Insurity, added, “This partnership unites OIP’s unique AI approach with Insurity’s comprehensive cloud-native offerings. The collaboration is expected to bring increased automation levels to our shared market and combine ideas, technology, and perspectives of both organisations, fostering innovation and setting new industry benchmarks.”
Copyright © 2024 InsurTech Analyst
