Insurity, a provider of cloud software for insurance carriers, brokers, and MGAs, has partnered with OIP Robotics (OIPR), an Insurtech data and software solutions lab, to transform data processing within P&C insurance through artificial intelligence (AI).
According to the announcement, this partnership is set to bring unparalleled automation efficiency to policy lifecycle management and transform traditional data processing methods, bringing increased operational efficiencies and reduced costs to insurance organisations.
It integrates enterprise-ready AI with Insurity’s advanced software as a service (SaaS) solutions, allowing for seamless data flow and automation, enhanced operational processes efficiency, which significantly lowers the risk of claims related to data entry errors.
“This partnership units OIPR’s unique AI approach with Insurity’s comprehensive cloud-native offerings,” said Sylvester Mathis, Chief Insurance Officer at Insurity. “The collaboration is expected to bring increased automation levels to our shared market and combine ideas, technology, and perspectives of both organisations, fostering innovation and setting new industry benchmarks.”
Moreover, this collaboration addresses the insurance industry’s long-standing challenges with the absence of standardisation and unstructured documentation, Insurity and OIP claim.
By integrating AI into SaaS this partnership looks to break down the barriers of costly complexity typically associated with AI implementation in the insurance sector.
According to the announcement, this would enable a smoother and more economically favourable adoption of AI technologies, which in turn will allow insurers to focus more on their core functions, such as underwriting, risk management, and claims handling.
Mladen Subasic, Chief Product Officer at OIP Robotics, commented: “To bring true automation to insurance, it’s imperative to pair up state-of-the-art, SaaS-deployed core systems with new and emerging AI capabilities, precisely the aim of the OIPR and Insurity partnership.
“We will bring low-touch, seamless data flow to underwriting, claims, and policy support teams, shifting their focus to what matters – building relationships with customers and growing a profitable book of business.”
Subasic added: “The joint efforts of OIPR and Insurity aim to remove unstructured and insufficient data, disparate tools, and reliance on legacy systems from the equation. We are thrilled about this partnership and excited to work alongside an innovation-driven company such as Insurity.”
