One of the most important insurance processes is underwriting or determining whether to cover a policy, both of which require tremendous amounts of data calculation and analysis. In establishing coverage eligibility, it is mandatory that the insurers must take into consideration a variety of risk factors such as.
- Health risks: Height, weight, age and the health conditions.
- Driving record: accidents and speed violation tickets.
- Housing risks: Situation of the house, age of the house and the past claims.
- Occupational risks: Job work and occupational.
Automating this weeks-long process can make a big difference in accelerating such activities as data gathering, updating the insurers internal systems, loss runs analysis, reviewing customer claims history and other activities critical to the insurer’s operations. Bots, as an example, can scan incoming email messages, classify and extract the necessary information, cross-check external information sources to provide more information, and to ensure that information is complete with custom business rules.