A 2014 Oxford University study concluded that jobs in the “service” and “sales and related” categories have high probability (greater than .7) of computerization (computerization is job automation by means of computer-controlled equipment). According to a McKinsey Global Institute report, the underwriting profession is vulnerable to having at least 35% of its tasks automated. Now, before you dust off your resume, let’s think about this a little further.
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Recent advances in cognitive technology make life insurance underwriters more effective at assessing policy applications. This technology allows life carriers to extract key data from documents, process it into relevant information, and present it back to Underwriters – all within the context of their normal application review process. Anecdotal evidence indicates that this can increase the productivity of underwriters by 30% when assessing complicated applications.
“Stateside Insurance” is a fictional P&C insurance client. This is a story demonstrating how our life underwriting solution helps many similar insurers overcome common content and case management challenges.
A lot of our clients were unsure about attending IBM World of Watson (WoW) this year. As an IBM ECM (enterprise content management) Business Partner, we too were skeptical about being a Gold Sponsor. I mean, it’s Watson, c’mon! What could be more intimidating?
Five myths about claims processing and the facts that debunk them.