DARAG partners with DGTAL to power up legacy claims and deals with AI
European legacy acquirer DARAG has signed a three year partnership with DGTAL, a Swiss based Software-as-a-Service insurtech that pioneers the full automatisation of claims handling in Europe using AI and the power of data. The agreement entails legacy portfolios with open claims as well as future acquisitions.
The partnership will allow DARAG to use DGTAL’s AI tool DRILLER to assess insurance portfolios much faster and more accurately, gaining a competitive edge in the pricing of portfolios and in the settlement of claims.
DRILLER converts all claims-related documents into machine-readable format, understands document types, identifies counterparties, as well as detects, extracts and analyses key topics. Additionally, it can run quality checks, clean, and filter the right type of data to be integrated post-transaction, which is a key operational challenge for acquirers. The AI tool also provides easy regulatory reporting, a deeper understanding of the book and a “fitter for purpose” portfolio management plan, properly pinpointing the potentially severe cases.
DGTAL provides AI that trains and uses Long Language Models (LLMs) such as GPT at scale for the industry.
Alexander Roth (pictured left), global head of M&A and CEO Europe, DARAG Group, said: “We have been the first mover as a legacy provider in Continental Europe; we now aim to become the first to move to an AI-based business model. The core of what we do is to assume legacy portfolios at competitive prices and to settle efficiently. Since the first pilot with DGTAL, we have been deeply impressed by what AI can achieve - it is likely to profoundly change the way claims are managed.”
Tom Booth (pictured centre), CEO, DARAG Group, added: “Combining our transaction experience with AI will cement DARAG’s leading position in the legacy market in Europe. It also offers potential benefits for our global operations in the future. DGTAL is the only relevant deep technology provider with insurance DNA, making them a natural fit for us, and we look forward to developing this partnership to the benefit of our clients.”
Arndt Gossmann (pictured right), CEO of DGTAL, said: “Signing the first long-term agreement straight with a leader is a great validation of what we do. It is fascinating to understand the opportunities that AI creates for insurance, as it helps assess and understand the huge amounts of available information much better than ever before, leading to informed decisions. Early AI adopters are bound to capitalize the most.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
