britenet.eu
Open in
urlscan Pro
104.26.9.26
Public Scan
Submitted URL: https://djrxyk04.eu1.hubspotlinks.com/Ctc/OT+113/djrxyk04/MWWRMcCWxq-W3sCK3C37BZQpW54fY-N5dm3MFN6tf6Wg5nXHsW50kH_H6lZ3pXVMntB45rcGssW3...
Effective URL: https://britenet.eu/blog-post/revolutionising-the-insurance-sector-how-to-outperform-your-competitors/?utm_campaign=...
Submission: On May 14 via manual from IT — Scanned from IT
Effective URL: https://britenet.eu/blog-post/revolutionising-the-insurance-sector-how-to-outperform-your-competitors/?utm_campaign=...
Submission: On May 14 via manual from IT — Scanned from IT
Form analysis 1 forms found in the DOM
<form id="hubspot-newsletter-form" novalidate="novalidate" data-hs-cf-bound="true">
<div class="form__field form__field__hubspot__newsletter">
<label class="hubspot-form-label" for="hubspot-newsletter-email">
<!-- --><!--! --> </label>
<div class="hubspot__newsletter__form__field__input">
<input id="hubspot-newsletter-email" name="hubspot-newsletter-email" class="form__field__input" type="text" value="" placeholder="Business email">
<button id="hubspot-newsletter-submit" type="submit" class="btn btn-outline text-base--bold"> Submit </button>
</div>
</div>
<div class="form__field form__field__checkbox">
<input class="form__field__input__checkbox" type="checkbox" name="hubspot-newsletter-privacy-policy" id="hubspot-newsletter-privacy-policy">
<label class="text-tiny" for="hubspot-newsletter-privacy-policy"> I agree to receive information from Britenet Sp. z o. o. based at Al. Jerozolimskie 44, 00-024 Warsaw to the e-mail address I have provided. I understand that my data will be
processed in accordance with the <a href="https://britenet.eu/privacy-policy/" class="anchor__inline">privacy policy</a>.* </label>
</div>
</form>Text Content
This website stores cookies on your computer. These cookies are used to collect
information about how you interact with our website and allow us to remember
you. We use this information in order to improve and customize your browsing
experience and for analytics and metrics about our visitors both on this website
and other media. To find out more about the cookies we use, see our Privacy
Policy.
If you decline, your information won’t be tracked when you visit this website. A
single cookie will be used in your browser to remember your preference not to be
tracked.
Cookies settings
AcceptDecline
* Expertise
Main menu
* Consulting & Software Development
* Development & Maintenance
* IT System Audits
* IT Nearshoring
* Cloud Services
* Salesforce
* Microsoft
* Business Intelligence
* Machine Learning
* Software Testing & Quality Assurance
* Clients
* Industries
Main menu
* Insurance & Financial
* Logistics & Supply chain
* Retail
* Public
* Manufacturing
* About Us
Blog
Get in touch
*
*
*
*
* * ENG
Main menu
* PL
* DE
* ENG
Main menu
* PL
* DE
Blog
Get in touch
*
* Company
* Blog
*
* Revolutionising the insurance sector: how to outperform your competitors
REVOLUTIONISING THE INSURANCE SECTOR: HOW TO OUTPERFORM YOUR COMPETITORS
Content
* Synthetic Data for Automated Underwriting Systems potentially lead to cost
reductions of 30%
* Use Digital Assistants and Natural Language Processing (NLP) to improve
efficiency gains to €1,000 per policy
* Automated Underwriting: use AI to boost your profits
* More effective fraud detection via Machine Learning
* Conclusion
Technological advancements are reshaping traditional practices and
revolutionising how insurers operate across various domains. Here’s how IT
innovations are driving significant transformations in the insurance industry.
Key takeaways from this article
* Synthetic data can effectively increase savings and reduce costs
* AI-driven digital technology is key to increasing customer satisfaction and
personalising services
* Advanced machine learning algorithms prevent false claims worth millions of
dollars each year
Looking for a partner who understands the challenges of your industry?
Contact our experts
SYNTHETIC DATA FOR AUTOMATED UNDERWRITING SYSTEMS POTENTIALLY LEAD TO COST
REDUCTIONS OF 30%
Why choose synthetic data?
A scarcity of valuable data leads to inaccurate analytical results and raises
the risk of making inaccurate business decisions. Synthetic data fills in the
gaps in real data while guaranteeing the protection of customer privacy and
improving the training process of AI models. This makes it possible to make
better strategic decisions, improve operational efficiency, and adapt faster to
changing market conditions.
Discover the potential hidden in synthetic data
Synthetic data, generated through advanced machine learning algorithms, is
emerging as a game-changer in underwriting processes. By replicating real-world
scenarios while safeguarding customer privacy, insurers can train AI models more
effectively, leading to enhanced decision-making and scalability. Studies
suggest that implementing AI-driven underwriting solutions potentially leads to
cost reductions of up to 30% in operational expenses, translating to potential
annual savings of millions of dollars for large insurers.
> Britenet designed and developed a custom system to help an insurance company
> manage a new side of their business. They implemented a reporting and analysis
> process and designed a customer portal. They maintained ownership of their
> work throughout the project.
>
> Bartosz Okrasa – Chief Financial Officer
> Towarzystwo Ubezpieczeń Wzajemnych
See full testimonial
USE DIGITAL ASSISTANTS AND NATURAL LANGUAGE PROCESSING (NLP) TO IMPROVE
EFFICIENCY GAINS TO €1,000 PER POLICY
Use AI to get closer to your customers
Many insurance companies experience difficulties in understanding their
customers' needs. This, combined with a lack of effective tools to process large
amounts of data, results in significantly longer customer service times. The use
of NLP technology enables faster and more precise responses to queries and
personalisation of services – resulting in greater customer satisfaction.
Is it possible for a chatbot not to annoy customers? Check out what our expert
thinks about it!
How can NLP technology support your growth?
The integration of AI-driven digital assistants and NLP technologies is
streamlining customer interactions and reducing operational costs for insurers.
From underwriting to claims processing, these innovations facilitate smoother
workflows, despite initial scepticism from some consumers about voice
assistants. The integration of digital assistants and NLP technologies can
streamline customer interactions, reducing call centre costs by as much as 30%.
Furthermore, insurers can achieve significant efficiency gains, with potential
savings of up to €1,000 per policy through automated customer support and query
resolution.
AUTOMATED UNDERWRITING: USE AI TO BOOST YOUR PROFITS
What is the main mistake of companies in the insurance industry?
The main reasons for high operational costs and loss of competitiveness in the
market are usually overly long decision-making processes, incorrect risk
assessments and insufficient business opportunities – due to a lack of valuable
data. Many companies in the insurance industry try to improve their situation
by implementing multiple distributed solutions, introducing even more data
inconsistency. By working with a trusted IT partner, insurance companies can
connect and unify the data they have and start to benefit from the full
potential hidden in the data.
We know how to use the full potential of your data.
Check out the solution we created for a leading international insurance company.
Central Customer Database
Grow your business with automated underwriting
Robotic process automation RPA and AI-powered automated underwriting systems are
simplifying risk assessment and policy issuance, resulting in significant time
and cost savings. McKinsey estimates substantial potential value creation
through AI investments across various insurance functions. Robotic process
automation and AI-powered underwriting can dramatically reduce manual processing
costs. Insurers stand to save up to €5,000 per month through streamlined
underwriting processes, resulting in potential annual savings of hundreds of
millions of euros for large insurance companies.
MORE EFFECTIVE FRAUD DETECTION VIA MACHINE LEARNING
Protect your business with Machine Learning
Every year, insurance fraud costs European insurers and their consumers around
€13 billion. Vulnerability to undetected information manipulation and document
falsification means not only financial losses but also damage to a company's
credibility and reputation. The answer to fraud is IT solutions that use Machine
Learning algorithms.
Use Machine Learning to protect your business
Before you implement machine learning – 5 questions to ask yourself
Machine learning algorithms are proving to be effective tools in the fight
against insurance fraud. By analysing vast datasets and identifying suspicious
patterns, insurers can detect and prevent fraudulent activities more
efficiently, thus safeguarding their financial interests and improving overall
industry integrity. Implementing machine learning algorithms for fraud detection
can yield substantial financial benefits. Insurers can prevent fraudulent claims
worth millions of dollars annually, with studies suggesting potential savings of
up to 20% of total claims paid out each year.
> As someone deeply immersed in BI technology, I can't stress enough the
> importance of weaving together a tapestry of cutting-edge IT technologies like
> machine learning and natural language processing (NLP) and of course data
> warehouses or lakes in the insurance area, all while partnering with trusted
> IT allies. It's not just about upgrading systems; it's about sculpting the
> future of our industry. By synergizing these technologies, we're not just
> streamlining operations – we're uncovering new insights, managing risks
> smarter and truly connecting with our customers on a profound level. It's this
> harmony of innovation and collaboration that propels us forward with
> confidence, leveraging data warehouses as our foundation to navigate and
> thrive in the ever-evolving area of insurance.
>
> Łukasz Nienartowicz – Head of Business Intelligence
CONCLUSION
Companies in the insurance sector are primarily hindered from dynamic growth by
an inadequately prepared IT infrastructure. Many companies stop their growth on
one system or opt for fragmented, incompatible solutions – guided by market
trends when choosing them. As a result, instead of seeing the effects of the
transformation, they have to count the losses resulting from the implementation
of a mismatched system and plan the next IT project – which can repair the
damage at one point and cause new ones in another.
The way to success and a secure position in the market is to be able to combine
and use different technologies – to achieve a coherent and synergistic whole.
This effect is achievable in collaboration with a trusted IT partner who strives
to fully understand the needs and capabilities of the company and then presents
optimal solutions tailored to specific goals and growth.
Want to take a step into the technological future?
Get in touch with Britenet Experts!
Share this post
RELATED POSTS
All posts
Technology
THE BASICS OF DOCKERIZATION IN .NET CORE
So where to start? Experience tells me that the initial entry threshold is
rath...
Read more
Technology
BIASED LOCK OFF - AGAIN!
This article describes selected JVM tuning issues using selected JVM flags.
The...
Read more
Technology
WHAT STANDS IN THE WAY OF APPLYING ARTIFICIAL INTELLIGENCE TO THE INSURANCE
INDUSTRY?
Artificial intelligence is increasingly prevalent in today's world and offers
m...
Read more
All posts
ADDRESS:
Aleje Jerozolimskie 44, 00-024 Warsaw
CONTACT:
+48 22 111 00 30 office@britenet.eu
EXPERTISE
Consulting & Software Development
Development & Maintenance
IT System Audits
IT Nearshoring
Cloud Services
Salesforce
Microsoft
Business Intelligence
Machine Learning
Software Testing & Quality Assurance
COMPANY
Home
About Us
Clients
Blog
Video-Testimonials
Case Studies
Career
OUR NEWSLETTER
Submit
I agree to receive information from Britenet Sp. z o. o. based at Al.
Jerozolimskie 44, 00-024 Warsaw to the e-mail address I have provided. I
understand that my data will be processed in accordance with the privacy
policy.*
© 2024 Britenet. All rights reserved.
Privacy Policy Impressum
Cookie settings