This article was created in partnership with Applied Systems.
Artificial intelligence (AI) is rapidly transforming the insurance industry by streamlining complex processes, reducing operational inefficiencies, and enhancing customer service.
Applied Systems, through its AI Lab, has been at the forefront of these innovations, using AI to come up with innovative tools to improve workflows such as email summarisation, document extraction, and transaction handling. By integrating AI into everyday operations, brokers can boost efficiency, cut costs, and enhance accuracy, all while freeing up human resources for more value-driven work.
At Applied Systems’ AI Lab, small in-house teams are dedicated to integrating AI into essential workflows, enabling insurance professionals to spend less time managing their inboxes and more time concentrating on what matters most: their clients.
One of the most significant innovations from Applied’s AI Lab is email summarisation, which saves brokers substantial time. Anupam Gupta, (pictured above, left), chief product officer at Applied Systems, stated: “Brokers deal with anywhere from 50 to 100 emails each day.”
“Before AI, they had to manually sift through emails, often switching between Applied Epic and Outlook. Now, with summarisation tools, they can quickly digest key information, which saves valuable time,” Gupta continued.
Applied’s summarisation tool optimises email responses, boosting workflow efficiency and consistency without compromising accuracy or customer service. Currently available to US Applied Epic customers, the tool is currently being roadmapped for Applied Epic users in the UK.
Emphasising the rapid advancements in artificial intelligence, Elad Tsur (pictured above, right), chief AI officer at Applied Systems, added: “AI is approaching human-level capabilities and is anticipated to surpass it in the next five to six years. Our mission is to enrich these AI models with industry-specific expertise, leveraging extensive data for effective training.”
A key strength of Applied Systems’ AI Lab lies in its unwavering commitment to addressing the real challenges faced by insurance professionals. By inviting insurance firms and brokerages to gain early access to their AI-assisted tools, the lab ensures that these innovations are tailored to meet the everyday needs of users.
Participants of Applied’s AI Lab can benefit from:
“By integrating insights from the insurance sector, we can ensure these technologies meet our unique needs, creating a powerful synergy that significantly enhances operational efficiency,” shared Tsur.
Despite the many advantages of AI, both Gupta and Tsur emphasise that its primary purpose is to assist insurance professionals, not replace them. “Our approach is ‘augmented intelligence’,” Gupta confirmed. Tsur reinforced this point, stating, “There’s a reason the market is using the term ‘co-pilot’.”
While AI tools offer valuable support, the user retains the ultimate authority in decision-making. This principle is fundamental to Applied’s development strategy, which aims to create a collaborative environment where technology enhances the capabilities of professionals, enabling them to navigate the complexities of the insurance landscape effectively.
