indico

Guess who made the cut? 😎

Indico is honored to be recognized in CB Insights’ Insurtech 50 list for 2024.

We're in great company with other trailblazers shaping the future of insurance.

Here’s to continuing our journey of innovation and AI-driven solutions.🚀

https://www.cbinsights.com/research/report/top-insurtech-startups-2024/?utm_campaign=SO_IUR_LI_Q32024_CBI_SOCIAL&utm_content=305629561&utm_medium=social&utm_source=linkedin&hss_channel=lcp-1140722

In insurance, claims processing is traditionally a manual, time-consuming task that can lead to errors and delays.

By automating data extraction from claims forms, medical records, and accident reports, companies can speed up the process and improve data accuracy. 📊

This not only accelerates claims handling but also ensures that underwriters have the precise information they need for better risk assessments, leading to higher-quality underwriting decisions and improved outcomes for both insurers and policyholders.

https://indicodata.ai/blog/streamlining-data-collection-for-underwriting-with-intelligent-document-processing/

In terms of promising applications and domains, carriers are exploring the use of gen AI models to extract insights and information from unstructured sources.

In the context of claims, for example, this could be synthesizing medical records or pulling information from demand packages.

In the context of underwriting for a commercial P&C, this could look like pulling information from submissions that come from brokers or allowing underwriters to more seamlessly search and query risk appetite and underwriting guidelines.

Find more insights from McKinsey: https://www.mckinsey.com/industries/financial-services/our-insights/reimagining-insurance-with-a-comprehensive-approach-to-gen-ai?stcr=5DB7A94DBD7D47E1BA6AE629DBB39848&cid=other-eml-alt-mip-mck&hlkid=d64d35d0209b4c22aedde2fb8d34e02a&hctky=15212581&hdpid=81828da0-5927-477a-b6e9-3bfe7be4450d

Reimagining insurance with a comprehensive approach to gen AI Three McKinsey partners discuss the value of combining gen AI with other technologies.

Accurate risk assessment is crucial in underwriting, ensuring that insurance premiums align with the potential risks.

However, with the increasing volume of unstructured data like contracts and legal documents, traditional methods struggle to keep up.

This can lead to missed risks and financial losses.

Advanced tools now allow underwriters to process and analyze this complex data more effectively, leading to more precise risk evaluations.

By improving how data is handled, these solutions help underwriters make better-informed decisions, enhancing overall accuracy in risk assessment and reducing the likelihood of unexpected losses. 🔍

https://indicodata.ai/blog/enhancing-risk-assessment-in-underwriting-with-intelligent-document-processing/

Join us for a special episode of Unstructured Unlocked as we revisit the top moments of 2024.

With new co-host Tom Wilde, CEO of Indico, alongside Michelle Gouveia, VP at Sandbox Insurtech Ventures, we’ve explored fascinating insights across 16 episodes, engaging over 1,300 listeners.

Relive the best highlights and discussions that have shaped the year so far.

https://share.transistor.fm/s/e3722f2b

Announcement! Indico's new Ready for Guidewire validated accelerator is now available for PolicyCenter on Guidewire Cloud users in the Guidewire Marketplace.

Our Intelligent Intake solution quickly ingests, classifies, and extracts key data, reducing manual effort by up to 86% and speeding up decision-making for better risk assessment.

bit.ly/4d7VSYl

🎧 In this new episode of Unstructured Unlocked Sheikh, Global Head of Banking, Insurance, and Healthcare at . Farooq shares his journey from actuary to industry leader and dives deep into the future of digitization.

🔹 Highlights from this episode:

▪Similarities and differences in digitization across healthcare, insurance, and banking
▪The importance of automating processes with humans at the center
▪Building effective partnerships within industry ecosystems

Tune in for an enlightening discussion: https://share.transistor.fm/s/32011392

Unstructured Unlocked by Indico Data | Unstructured Unlocked season 2 episode 5 with Farooq Sheikh, Global Head of Banking at Unqork Watch Indico Data CEO Tom Wilde step in as co-host alongside Michelle Gouveia, VP at Sandbox Insurtech Ventures, in season 2 episode 5 of Unstructured Unlocked with Farooq Sheikh, Global Head of Banking at Unqork

The insurance landscape is evolving rapidly, and integrated ecosystems are paving the way for a data-driven future.

Join industry leaders Tom Wilde, Indico CEO, Farooq Sheikh, Unqork Global Head of Banking, Insurance and Healthcare, and Mike Quintal, Guidewire Vice President of Policy & Billing Applications on August 13th, as they explore the transformative potential of these ecosystems for 2024 and beyond.

Be a part of the innovation driving change in insurance.

https://indicodata.ai/carrier-decisioning-webinar/

How to Enhance Carrier Decisioning through Collaborative Ecosystems – Indico Data Register now to learn how to unlock insurance's AI potential with Generative AI. Enhance efficiency, cut costs, and gain a competitive edge.

This 4th of July, we reflect on the freedoms we cherish and the values that unite us as Americans.

It’s a time to appreciate our shared heritage, honor those who have fought for our liberty, and enjoy the festivities with family and friends. 🎆

AI and machine learning in document processing are enabling businesses to automate repetitive tasks, improve data accuracy, and streamline workflows.

These technologies have become indispensable for organizations dealing with extensive documentation through intelligent document processing, increasing efficiency and enabling employees to do higher-value work.

This article explores the pivotal technologies behind IDP, examines the intricacies of its workflow, and addresses common challenges and solutions for effectively implementing these advanced systems.

bit.ly/3L6IbfN

Kelly Cusick of Deloitte Consulting has over 25 years in the property and casualty insurance industry and on our podcast she recently emphasized the longstanding journey of automation in underwriting.

Traditionally, efforts have concentrated on the "bookends" of the process: initial submissions and end-of-process transactions.

Automation has significantly reduced manual re-keying and streamlined document management. This shift towards sophisticated automation moves beyond basic processing, enabling more nuanced risk assessments and decision-making capabilities.
https://indicodata.ai/blog/ai-and-ml-in-insurance-underwriting-with-deloitte-consultings-kelly-cusick/

New episode alert 🎙

Chris Payne from EY joined our hosts to discuss how to:
🔹Get buy-in not just from the top, but people within the org
🔹Bring core groups together from the start with smaller pilots and use cases in order to roll out projects nationally and internationally.
🔹Strategically focus on accuracy and structure of underlying data so you can train models accurately.

Listen in: https://share.transistor.fm/s/348fafba

Implementing intelligent document processing solutions can revolutionize how businesses handle unstructured data, but significant challenges like ensuring accuracy, flexibility, and data security often arise.

This article explores common challenges when deploying IDP solutions and offers effective solutions and workarounds to overcome them.

Discover how to enhance data extraction accuracy, manage various document formats, and integrate scalable, secure IDP systems.
bit.ly/3XDYGax

Tom Wilde and Michelle Gouveia talk with Asif Syed of Hartford Steam Boiler about how to use AI to improve cyber insurance by enhancing risk assessment, preventing cyber claims, and insuring AI models.

https://www.youtube.com/watch?v=HiN3pyzqQ_Q

We recently launched our Large Language Model Benchmark.

In the Benchmark microsite, we meticulously analyze and present the accuracy, speed, and cost-effectiveness of leading models across critical tasks such as information extraction, clause classification, and summarization. For an in-depth comparison of large language models, this is your ultimate resource.

https://indicodata.ai/llm/

In the second episode of the second season of Unstructured Unlocked, hosts Michelle Gouveia and Tom Wilde welcomed Asif Syed, Vice President of Data Strategy at Hartford Steam Boiler (HSB).

The episode delves into:

▪ Importance of data in the insurance industry
▪ Integration of emerging technologies
▪ Balance between internal and external data sources

https://share.transistor.fm/s/ad6f40dc

We are closer than ever to Deep Analysis' vision of IDP everywhere...
AI will bring intelligent document processing to every device and every operating system - soon.
https://www.deep-analysis.net/idp-everywhere-are-we-there-yet/

IDP Everywhere: Are We There Yet? | Deep Analysis Deep Analysis provides information & process management research & advisory services. See our article “IDP Everywhere: Are We There Yet? ”.

🎉Indico Data has been recognized as a Leader in the SPARK Matrix Quadrant for Text Analytics Platforms!

The SPARK Matrix Quadrant offers a comprehensive competitive analysis, using its proprietary methodology to rank and position the top In-App Protection vendors on a global scale. This recognition underscores Indico Data's exceptional capabilities and leadership in the text analytics industry.

By being recognized as a leader, Indico Data demonstrates its superior technology and innovation, helping businesses harness the power of text analytics to gain critical insights, drive efficiency, and stay ahead of the competition.

bit.ly/3Vqlvvv

The integration of intelligent document processing with existing systems can revolutionize your company’s document management strategy and significantly enhance efficiency and accuracy. 🌟

bit.ly/3xcYWTb

🎙️ New Episode Alert!
In the latest Unstructured Unlocked podcast, Tom Wilde and Michelle Gouveia chat with Kelly Cusick, Managing Director at Deloitte Consulting, about the transformative role of automation and AI in underwriting. Kelly discusses the shift towards sophisticated automation that enhances real-time insights for underwriters, the critical role of underwriters’ skills in managing risks, and the challenges of integrating AI with regulatory compliance and customer experience. Here’s what we discussed:

1️⃣How advanced automation is moving beyond basic to sophisticated tools that offer real-time insights
2️⃣How human touch despite tech advancements, underwriters' skills and experience remain crucial for making judgment calls and managing risks.
3️⃣How to understand the challenges of implementing AI, including the need for explainability and regulatory compliance.

Listen to the whole podcast here: https://share.transistor.fm/s/e07c8686

The insurance industry finds itself at a critical juncture. As 35% of underwriting staff are set to retire within the next five years, insurers are turning to artificial intelligence to maintain and expand their underwriting capacity.

By leveraging AI to enhance productivity, ensuring secure and scalable implementations, and focusing on clear outcomes, insurers can navigate the challenges of a retiring workforce and continue to grow their businesses.

Tom Wilde, Silvia Signoretti, and Naveen Dhar

Read more: bit.ly/45jNhOR