Latest AI will drastically change insurance operating models: DGTAL CEO
The latest advancements in artificial intelligence (AI) with language models built specifically for insurance have the potential to “drastically change” operating models of the ecosystem, according to the CEO of insurtech DGTAL, Arndt Gossmann.
The Swiss based software-as-a-service company has created what it describes as the “first” AI search engine for insurance that reads and understands any document related to insurance claims, supporting claims managers with “unprecedented insight”, efficiency and the ability to make more accurate predictions, leading to much better decisions.
Insurance is a document-heavy industry that so far must rely on the ‘human interface’ to understand, assess, and use the information available, DGTAL explained. Only 2% of this information is currently available in systems. It believes that the latest developments in the field of AI, such as GPT and other language models (LLMs), could herald a new era in claims processing.
Over the past three years, DGTAL has worked on AI solutions focusing on insurance. The company’s software has been trained with millions of documents, creating what it claims as the first semantic database for insurance, which represents the foundation for DGTAL’s search engine.
Gossmann (pictured right) said: “AI will not change the concept of insurance, but it will drastically change the operating models of the ecosystem. Beyond using language models as a search engine for analytical purposes or for predictions across entire portfolios, the technology also qualifies to rethink the processing of the claim itself, towards more automation.”
Florian Herzog (pictured left), CTO of DGTAL, added: “Insurance is very much about information processing and documents. Today, it is possible for the software to accurately summarize an incoming, 50-page long court decision, assess the relevance and severity of an open claim, prioritise it and forward it with a settlement recommendation to the most experienced claims manager...within seconds. Going forward, I believe that AI will become an invaluable personal assistant within all functions of insurance.”
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