Autonomous AI assistants are the next evolution of generative AI. Learn how they can automate commercial underwriting processes, from identifying risk appetite to classification and risk analysis.
Autonomous AI assistants are emerging as a game-changer in the rapidly evolving property/casualty insurance landscape. These sophisticated applications of generative AI are poised to accelerate innovation and data-driven commercial insurance underwriting workflows, from automating risk evaluation to expediting eligibility and decision-making based on exposure analysis. Let’s explore how cognitive digital coworkers are helping to create new levels of risk-assessment productivity and cost-efficiency in the work of underwriters and their teams.
Generative AI has been changing how insurance organizations operate. In the past two years, generative AI solutions have made insurers more proficient across the entire insurance lifecycle. Commercial insurance underwriting has greatly benefited from generative AI tools, including improved business classification accuracy and faster, more precise risk assessment.
But the evolution of commercial insurance underwriting is just beginning. Many generative AI solutions for commercial underwriting revolve around scanning documents and searching disparate data sources. However, autonomous AI assistants, the next evolution of generative AI technology, tackle workflows in which they can be trained, self-learn, and complete particular, often complex tasks within the underwriting process.
According to a BCG report, the experts interviewed by the consultancy estimate autonomous agents (i.e., assistants) will be ready to go mainstream within three to five years; some believe we may see reliable AI assistant deployment with autonomous features before then.
It’s important to distinguish between AI assistants and AI agents. While both leverage artificial intelligence, AI assistants are designed to augment human capabilities, not replace them. They function as digital coworkers, streamlining tasks and improving efficiency, while human agents continue to play a crucial role in building relationships and providing personalized advice.
At NeuralMetrics, we have developed autonomous AI assistants to assist commercial insurance organizations in their underwriting workflows. These AI assistants are role-based digital coworkers with advanced abilities to take on distinct tasks and self-learn to improve their performance continuously. They learn from diverse inputs and can work together across different workflows.
In commercial underwriting, NeuralMetrics AI assistants can streamline processes and boost the efficiency and accuracy of underwriting teams. They can manage tasks like appetite determination and risk analysis.
Using insurer guidelines and institutional knowledge, autonomous AI assistants can be trained to make many of the same inferences and decisions that underwriters would make themselves, such as flagging submissions with contradictory information or applications that do not meet appetite and eligibility standards. The AI assistants can act like well-prepared knowledge workers – with great consistency and processing speed, and then self-learn to advance their capabilities as they ingest more risk analysis data and conduct appropriate risk-evaluation processes.
Autonomous AI assistants are reshaping commercial insurance underwriting by automating processes, improving accuracy, and enabling underwriters to focus on more complex tasks. As this technology evolves, embracing AI assistants will be crucial for insurance organizations to stay competitive and deliver exceptional customer experiences.
To learn more about NeuralMetrics autonomous AI assistants, click here.