To support insurers in the challenges of increasing competitive pressure and expectations for quality customer service, Fadata offers the INSIS ML framework in addition to its INSIS insurance process platform for life, pension, property and health insurance. Insurers can operate it in the cloud or use it locally on-site. The framework is pre-integrated and pre-configured for the INSIS platform and can also be easily integrated into insurance platforms from third-party providers.
The framework can be used, among other things, while processing health insurance claims, underwriting transformation processes for life insurance policies or automating property insurance case processes.
Acceleration of claims settlement process
Two insurers have already successfully implemented ML projects based on Fadata solutions. One insurer, for example, uses ML in the processing of motor vehicle and property damage claims and in fraud detection. The automated analysis of damage photos has contributed to a significant acceleration of the claims settlement process and to the detection of fraud attempts without cost-intensive manual investigations.
"Continuous product development and the expansion of our range of solutions using the latest technologies are among Fadata's central strategic goals," said Dr Eike Schmidt, Chief Technology and Product Officer at Fadata. "One of the core elements of this is artificial intelligence. We are convinced that AI technology offers enormous potential, especially for insurance companies. With our ML framework, which is based on consolidated industry data, insurers can now take their first comprehensive step into the world of AI."