AI can play a crucial role in making insurance processes more efficient by seamlessly collecting the necessary data to execute policies in a way that's transparent to the consumer. 📊 The key value of AI in this context is its ability to aggregate and analyze multiple data sources quickly, providing deeper insights that can enhance the accuracy and speed of insurance services. Those who can successfully harness AI to continuously expand the level of available information will likely lead the way in transforming insurance products more rapidly than the competition. Bill Costa https://lnkd.in/gSUY7_-h #InsuranceIntake #AI #IntelligentDocumentProcessing
Indico Data
Software Development
Boston, Massachusetts 4,473 followers
The intelligent intake company.
About us
Legacy intake solutions have forced organizations to choose between speed and accuracy, weighing risk versus revenue. With Indico Data’s Intelligent Intake Solution, now you don’t have to compromise. The Indico Data Intelligent Intake solution gives document-intensive industries the best of all worlds, enabling data-driven decision-making, with unparalleled speed, at enterprise scale. Indico Data’s Intelligent Intake solution drives better outcomes through better intake.
- Website
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http://indicodata.ai
External link for Indico Data
- Industry
- Software Development
- Company size
- 51-200 employees
- Headquarters
- Boston, Massachusetts
- Type
- Privately Held
- Founded
- 2013
- Specialties
- Machine Learning, Intelligent Process Automation, Artificial Intelligence, Intelligent Automation, Unstructured Data, Transfer Learning, Composite AI, Deep Learning, Machine Teaching, and Intelligent Document Processing
Products
Locations
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Primary
55 Court St
2nd Floor
Boston, Massachusetts 02108, US
Employees at Indico Data
Updates
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We were thrilled to have Parul Kaul-Green, CFA, CEO of Eudaimon Consulting, join us on the Unstructured Unlocked podcast 🎙️ to share her insights on driving successful digital transformation in the insurance industry. During our conversation, Parul emphasized the importance of strategic alignment and leadership in overcoming the challenges of this traditionally risk-averse sector. “With any transformation, it’s something novel and new, and there is often a lot of pushback due to inertia,” she explained, stressing the need for strong leadership to guide organizations through change. Parul also discussed the massive potential of AI to unlock efficiency, with AI projected to add up to $1.1 trillion annually by improving areas like risk modeling, claims management, and customer support. Despite the challenges, the AI-driven insurance market is expected to reach $35.77 billion by 2030. For insurers, setting clear goals, engaging stakeholders, and fostering a culture of continuous improvement are essential steps for ensuring transformational success. #DigitalTransformation #InsuranceIntake #Innovation #AI
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Transforming the insurance industry is more than just adding features—it's about integrating technology strategically. Parul Kaul-Green, CFA advises: 🔹Think holistically: "start small—think, what are the big strategic problems this piece of technology will solve... and then move fast towards adoption or ditching it." 🔹 Communicate clearly: "by showing the benefits of a particular implementation, you can drive greater awareness and engagement from those who may feel they are on the sidelines of the transformation effort." 🔹 Leverage advanced tech: there’s excitement around using AI, digital twins, and IoT for better risk management. Many ask, "how can these technologies help with underwriting and making risk assessments?" Whether building in-house or seeking partners, the goal is to manage risk effectively and reduce overall costs. 🚀 Listen to the full podcast here: https://lnkd.in/g-jKFdpb #InsuranceIntake #UnstructuredUnlocked #DigitalTransformation
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Our recent webinar brought together industry leaders from Unqork, Guidewire Software, and EY to share insights on the future of insurance decision-making. They explored how AI, data analytics, and strategic partnerships can enhance risk assessment, break down data silos, and foster innovative ecosystems. Catch our recap of this insightful discussion, including: 💡The critical role of AI in improving risk assessment. 💡 Overcoming challenges posed by data silos in legacy systems. 💡 The importance of aligning with strategic partners to drive innovation. Watch the full webinar here: https://lnkd.in/edqepG-p #InsuranceIntake #Underwriting #InsuranceEcosystems
Enhancing carrier decisioning through collaborative ecosystems: an Indico webinar recap
Indico Data on LinkedIn
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Guess who made the cut? 😎 Indico is honored to be recognized in CB Insights’ Insurtech 50 list for 2024. We're in great company with other trailblazers shaping the future of insurance. Here’s to continuing our journey of innovation and AI-driven solutions.🚀 https://lnkd.in/dufaggBf #Insurtech50 #InsuranceIntake #AI
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In insurance, claims processing is traditionally a manual, time-consuming task that can lead to errors and delays. By automating data extraction from claims forms, medical records, and accident reports, companies can speed up the process and improve data accuracy. 📊 This not only accelerates claims handling but also ensures that underwriters have the precise information they need for better risk assessments, leading to higher-quality underwriting decisions and improved outcomes for both insurers and policyholders. #Underwriting #InsuranceClaims #AI
Streamlining data collection for underwriting with intelligent document processing
Indico Data on LinkedIn
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In terms of promising applications and domains, carriers are exploring the use of gen AI models to extract insights and information from unstructured sources. In the context of claims, for example, this could be synthesizing medical records or pulling information from demand packages. In the context of underwriting for a commercial P&C, this could look like pulling information from submissions that come from brokers or allowing underwriters to more seamlessly search and query risk appetite and underwriting guidelines. Find more insights from McKinsey & Company: https://lnkd.in/gQm9q5Jx #AI #IntelligentDocumentProcessing #InsuranceIntake
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Accurate risk assessment is crucial in underwriting, ensuring that insurance premiums align with the potential risks. However, with the increasing volume of unstructured data like contracts and legal documents, traditional methods struggle to keep up. This can lead to missed risks and financial losses. Advanced tools now allow underwriters to process and analyze this complex data more effectively, leading to more precise risk evaluations. By improving how data is handled, these solutions help underwriters make better-informed decisions, enhancing overall accuracy in risk assessment and reducing the likelihood of unexpected losses. 🔍 #InsuranceIntake #RiskAssessment #InsuranceClaims
Enhancing risk assessment in underwriting with Intelligent Document Processing
Indico Data on LinkedIn
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Insurance carriers face three significant challenges: making better decisions in underwriting risk, claims approval, and policy prioritization. As Farooq Sheikh, Unqork, Mike Quintal, Guidewire Software, David Moorhead, EY, and host Tom Wilde, discussed, underwriters currently spend 70% of their time on non-underwriting tasks. With 90% of insurers planning to invest in digital transformation, the industry is recognizing the need for technology to streamline processes, improve decision-making, and enhance customer experiences and retention. https://lnkd.in/edqepG-p #InsuranceClaims #InsuranceIntake #AI
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Join us for a special episode of Unstructured Unlocked as we revisit the top moments of 2024. With new co-host Tom Wilde, CEO of Indico, alongside Michelle Gouveia, VP at Sandbox Insurtech Ventures, we’ve explored fascinating insights across 16 episodes, engaging over 1,300 listeners. Relive the best highlights and discussions that have shaped the year so far. https://lnkd.in/dWsbERW8 #AI #UnstructuredUnlocked #InsuranceIntake
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