Artificial intelligence is quickly becoming the norm in many industries — the insurance industry included.
A report by McKinsey states that “AI and its related technologies will have a seismic impact on all aspects of the insurance industry, from distribution to underwriting and pricing to claims.”
The insurance industry has been a paper-intensive industry with repetitive, manual processes. There is always the looming risk of Errors and Omissions (E&O). This is why insurance leaders are looking for ways to streamline their most tedious and repetitive yet essential processes.
Automation, digital transformation and the insurance industry
The pandemic has demonstrated the need for digitization and digital transformation across this sector. The industry has been forced to think and act differently – this has meant embracing change.
Every crisis has an opportunity hidden within. Insurance brokers and agents can benefit immensely by implementing AI-based solutions into their workflows. Embracing these technologies can greatly optimize labor-intensive processes to mitigate risks, optimize costs and maintain market dominance.
Spanning all stages of the insurance policy lifecycle, automation helps cut costs, speed up decisions, and improve customer experience.
Read this article to learn more about how Insurance Agencies can embrace Digital Transformation.
Introducing ExdionEDGE: A platform that Automates the Insurance Policy Life Cycle
Exdion Solutions, Inc. has introduced a new suite of commercial insurance policy servicing products, called ExdionEDGE.
The ExdionEDGE Platform helps Brokers ‘Automate’ the Insurance Policy Life Cycle by leveraging the latest, state-of-the-art technology including artificial intelligence, machine learning and natural language processing.
The new Platform Boosts Efficiency, Improves Accuracy, Speeds up Processes, and Lowers Costs
The ExdionEDGE platform dynamically integrates various pieces of the policy lifecycle – renewal, new business acquisition, policy issuance administration and carrier coverage analysis, for seamless automation of many time-consuming processes that are often done manually. The ExdionEDGE platform’s suite of products include policy checking, quote compare, renewal, compliance, and data. It offers brokers the opportunity to tailor and streamline policy lifecycle procedures as a response to evolving customer needs. The result: best-in-class, lean and scalable processes.
Exdion is the first company to offer a comprehensive suite of insurance policy management software designed to address the ongoing industry issues of manual processing, employee overload, increased expenses, and broker errors and omissions.
Source: Businesswire
“We have harnessed the latest technology to create a suite of products that will alter and improve how brokers manage their most important services” explains Sandeep Deva, Exdion’s Vice President of Product Development.
Why you need to automate Insurance processes
While it is not the intent to eliminate the human element in insurance, there are a number of areas of the Insurance Policy Lifecycle where carriers can benefit by introducing AI-based automation. The obvious areas are where manual processing is either too costly, tedious or unnecessary.
“ExdionEDGE offers brokers the ability to obtain the best coverages available to meet the needs of their clients. Our suite of products dramatically improves an agency’s internal processes and reduces expense costs. It significantly improves the productivity of employees throughout the organization. In addition, ExdionEDGE draws important insights into the policy issuance process using its ability to extract information from unstructured data,” said Deva.
Source: Businesswire
Traditionally, Agents and Brokers are burdened with increasing complexity when dealing with insurance-related processes. As a result, they often witness a drop in work efficiency – right from policy checking to contract compliance. It is high time the insurance industry adopted the latest technological practices in order to evolve.
Blog: Automation for the Future of Insurance: Enabling the Ecosystem
Technology-enabled digital transformation for Insurance
Natural Language Processing (NLP), Machine Learning (ML) and AI can empower the insurance industry by optimizing the business processes across the insurance value chain. An end-to-end solution can smoothen out the tedium of front and back-office tasks.
It is time to redefine and optimize insurance processes with the help of cutting-edge technologies.
What constitutes ExdionEDGE?
The first product in the ExdionEDGE family is Exdion Policy Check. Introduced to the market in 2019, it counts major U.S. brokerage firms among its customers. Exdion Policy Check automates the process of policy issuance, speeding up the delivery of a final insurance policy to the broker’s clients within days rather than weeks and months.
ExdionEDGE includes:
- Exdion POLICY CHECK: The product analyzes insurance policies, carrier quotes, limits, exclusions, and all policy language to identify and correct E&O.
- Exdion QCOMP: Automatically compares multiple carrier coverage quotes with the broker’s insurance proposal.
- Exdion QREV: QREV analyzes carriers’ quotes and recommends the best quote.
- Exdion RNU: RNU automates the renewal process that begins 120 days prior to the renewal date.
- Exdion DATA: DATA extracts important unstructured data from policies, carrier quotes, proposals, and ACORD forms for higher-level analytics.
- Exdion CCR: CCR is a contract compliance review that focuses on certificate issues and other related insurance policy documents.
Source: Businesswire
The ExdionEDGE suite of products are powered by Exdion Extract, Exdion’s proprietary software engine that utilizes artificial intelligence, machine learning, and natural language processing. Read the PR release on Businesswire to learn more about the benefits ExdionEDGE enables.
How Exdion can help
Exdion Solutions is an Insurtech company that partners with Insurance agencies and brokers to digitally transform their businesses and make them future-ready.
Servicing some of the most successful global insurance businesses, Exdion Solutions focuses on delivering sophisticated technology through simple, flexible, and affordable engagement models.
Exdion delivers a suite of digitization tools and platforms that work in tandem with agency management systems cutting across new business generation, renewals, and compliance. To learn more about how Exdion can help take your insurance business to the next level, get in touch with us.
