Insurity, the cloud software insurtech for insurers, brokers, and MGAs, has partnered with OIP Robotics (OIPR), an Insurtech data and software solutions lab, to transform data processing within P&C insurance.
This partnership pairs enterprise-ready AI with state-of-the-art SaaS solutions, allowing for seamless data flow and automation, enhanced operational efficiency, and reduced costs for insurance organizations
By integrating OIPR’s innovative AI capabilities with Insurity’s advanced SaaS offerings, Insurity customers get the benefit of streamlined processing using a single document entry point feeding Insurity’s entire product suite.
The partnership maximizes automation and reusability. This efficiency enhances operational processes and significantly lowers the risk of claims related to data entry errors, thereby safeguarding customer interests.
Submissions that previously took hours are completed in minutes, reducing data entry errors from a 4% error ratio to less than 1%.
Moreover, this partnership addresses the insurance industry’s challenges with the absence of standardization and unstructured documentation.
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 OIPR and Insurity partnership
Mladen Subasic, Chief Product Officer at OIP Robotics
“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”, said Mladen Subasic.
This collaboration is set to bring unparalleled automation efficiency to policy lifecycle management and transform traditional data processing methods, bringing increased operational efficiencies and reduced costs to insurance organizations.
By offering a solution that seamlessly integrates AI into SaaS, Insurity and OIPR are breaking down the barriers of costly complexity typically associated with AI implementation in the insurance sector.
This enables a smoother and more economically favorable adoption of AI technologies, allowing insurers to focus more on their core functions, such as underwriting, risk management, and claims handling.
This partnership unites OIPR’s unique AI approach with Insurity’s comprehensive cloud-native offerings
Sylvester Mathis, Chief Insurance Officer at Insurity
The collaboration is expected to bring increased automation levels to shared insurance market and combine ideas, technology, and perspectives of both organizations, fostering innovation and setting new industry benchmarks.
Insurity has been a clear market leader in analytics and its investment in AI technologies builds on this core strength for the company.
Insurity’s cloud AI solutions are purpose-built to address the specific needs of P&C insurance and transform the policyholder experience.
Insurity’s always-on, AI-powered support suite offers 24/7 availability, allowing policyholders to access instant support at any time through their preferred communication channels and eliminate the frustration of long wait times.
by Peter Sonner
