PLANO, Texas--(BUSINESS WIRE)--The complex nature of commercial insurance business is time-consuming, inefficient, prone to human errors and does not scale quickly to meet demands of millennials and others. Not anymore! P&C businesses can now embrace novel technology solutions including AI/ML to transform their insurance operations process to become agile, highly responsive and highly efficient.
Dan Narayan, vice president of Exdion Solutions, explained that it is “unstructured data” and people-based manual process that have been the biggest challenges for P&C insurers. They contribute to errors and omissions risks, affect operational performance and customer experience. Digitization of the insurance process can eliminate human errors, humanize work, build quick response capability and scalability. It can also significantly lower processing costs.
Exdion’s Narayan was invited to speak at the recent Aon “Tech Perspectives Live” webinar that examined “Driving Operational Efficiency with Intelligent Automation.”
“Unstructured data is the Achilles heel of the industry and poses many challenges,” Narayan said. He presented examples of how Exdion can extract data from almost any format, and using AI, automate much of the manual processes of the insurance buying and policy review processes. “Commercial insurance processes are tedious, repetitive tasks,” he said, adding that these kinds of tasks are prone to errors and reduce the “human capacity for creative, innovative and value enriching work.”
The Aon webinar is now available. Preeti Asthana, Aon’s director of innovation & partnerships, and Aon’s Jeff Simon, vice president D&A Services, moderated the webinar.
Exdion had developed a comprehensive data extraction platform for the commercial insurance industry, which is changing how insurance brokers handle unstructured data. The Exdion presentation was part of the program that looked at how the power of automation, across existing processes, can tackle tricky and time-consuming tasks.
Exdion Solutions is an Insurtech that partners with Insurance agencies and brokers to enable future ready businesses. Servicing some of the most successful global insurance businesses, Exdion’s solutions focus 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. Learn more at www.exdion.com.