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Xebia is happy to be a media partner of Insurtech Insights Europe 2024. At the event, we will explore the most pressing topics within claims transformation and hear exclusive insights from the industry’s leaders.
Claims transformation is one of the most important topics in the insurance sector today. Insurance leaders are facing a complex challenge: how to deliver rapid claims innovation for better customer experiences despite technology, regulatory, and strategic constraints. With areas from fraud prevention to the boundless opportunities presented by generative AI, claims management is changing in several prominent ways.
Earlier in February, an industry-first regulation was introduced to the insurance sector: a voluntary code of conduct (CoC) for the use of artificial intelligence in claims. This CoC is the outcome of 127 insurance experts collaborating to improve ethical standards within claims as insurance companies explore and adopt AI within their processes. It underscores the urgent need for mature approaches to generative AI adoption in the sector – claims must be handled with care and regulation, and introducing generative AI to these processes must be done responsibly. For many insurance companies, the ‘how’ behind achieving this remains vague.
Earlier this year, we conducted a market research survey among technology and business leaders in the insurance sector. The survey revealed that 54% of insurance companies put claims management as their top priority for generative AI use case adoption. We also found that data governance and quality are the top challenges insurers face in adopting generative AI – insurance companies notoriously struggle with complicated legacy platforms.
This data underscores the importance of having robust, secure, and rapid data management capabilities when seeking to adopt and unlock the true value of generative AI-based insurance solutions. Optimizing data platforms, integrating data sources, and building resilient data governance processes are essential first steps.
However, generative AI can be harnessed in claims management in a low-risk manner without the prior need for complex data transformation. Xebia is harnessing GPT technology along with low-code platforms like Appian to build better insurance processes in literal minutes. With our generative AI accelerator, an insurance company can build a claims management process – for example, a claims fraud detection tool – with nothing but a prompt. It practically eliminates constrained proof-of-concept development processes that often prevent rapid innovation. This type of solution can enable insurance companies to rapidly innovate claims management while improving their core technology platforms for long-term growth and stability.
The insurance sector needs to deliver faster, more transparent, and lower-risk claims processes – for the benefit of policyholders and insurers. Generative AI offers an exciting path toward better claims but requires responsible handling. Xebia is working closely with the sector’s leaders to develop solutions and capabilities that address this need. We’re also staying close to the sector, talking with industry leaders to identify, expand on, and resolve the most significant challenges around insurance transformation.
At Insurtech Insights Europe 2024 on March 20th, Xebia will be conducting interviews with some of the event’s industry leaders about claims, underwriting and other essential insurance technology topics. Look out for the interviews after the event.
In the meantime, register for Insurtech Insights Europe 2024 by March 15 and get 25% off your ticket using our code, XEBIA25.