Business Reporter: Automation: the driver of success in insurance
Customer experience is enhanced, and costs are reduced when innovative digital technology is applied within the insurance industry
LONDON, Sept. 21, 2020 /PRNewswire/ -- In an insightful video interview with Business Reporter, Charlie Newark-French, Chief Operating Officer of Hyperscience, the automation company, has explained how data process automation is a critical part of the future of insurance.
Hyperscience is a ground-breaking software company that automates mission-critical processes across many industries including insurance. "The change that must come will be enabled by automation," says Mr. Newark-French in the interview, explaining that insurance companies have to deal with large quantities of data in different formats, much of it unstructured. Legacy tech and traditional manual processes for handling this data and getting it into a machine-readable format for downstream processing are slow, expensive and error-prone.
Automation, enabled by cutting-edge Artificial Intelligence (AI) and Machine Learning (ML) technology, can provide a single source of truth for large insurance companies by more efficiently and accurately classifying documents and extracting data to enable better and faster decision-making.
In the interview, Mr. Newark-French also stresses that it's crucial for people to work alongside computers so that when confidence levels are low, data can be handed off to people for validation, enabling the automated system to learn and deliver lower error rates and higher automation over time.
Insurance customers are increasingly demanding faster and better service. The efficient automation of data processing will help deliver this. "Change is inevitable, and change is accelerating. The better you serve your customers, the more likely you are to survive," is how Mr. Newark-French puts it in the interview.
The Hyperscience Platform increases throughput up to ten-fold while at the same time reducing error rates by more than two-thirds. This means more policies issued faster and smoother claims processing, resulting in stronger insurance companies and more satisfied customers.
To learn more about automated data processing can strengthen insurance providers, watch Mr. Newark-French's video interview.
Notes for editors
This press release has been provided by Business Reporter.
Business Reporter is an award-winning supplement published in the Sunday and Daily Telegraph, City AM and online, delivering news and analysis on issues affecting businesses to a global audience. It also hosts conferences, debates, breakfast meetings and exclusive summits.
For more information about Hyperscience please visit www.hyperscience.com.
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