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    GenAI in Insurance - Financial Services

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    Sia Partners enhances insurance operations by integrating Generative AI across multiple aspects of the insurance lifecycle. Our tailored AI solutions boost operational efficiency, optimize personalized distribution and servicing, and enhance fraud detection capabilities. Additionally, we empower insurers with advanced tools for risk management, claims processing, and underwriting, driving improved decision-making and customer satisfaction throughout the value chain.
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    GenAI in Insurance - Financial Services

     Info

    Overview

    Our approach emphasizes practical, value-driven applications of AI in insurance, aimed at significantly enhancing both the insurer's operational capabilities and the customer experience. Here’s how our offerings address key use cases:

    • Enhanced operational efficiency: We implement AI to automate knowledge management and support tasks, driving cost-effective improvements.
    • Personalized distribution: We tailor communication and policy wording through AI to meet individual customer needs.
    • Personalized servicing and claims handling: We enhance customer service and claims processing with AI-driven, responsive solutions.
    • Advanced fraud detection: We use AI to create targeted interactions that improve the accuracy and effectiveness of fraud detection.

    Our success stories:

    • GenAI assistant for insurance player Our team crafted an AI Assistant from the open-source LLM Mistral.ai 7B, it offers exceptional actuarial reasoning capabilities. It is designed to assess and quantify exposure to sudden risks, including riots, terrorism, and natural disasters, across comprehensive reinsurance treaties databases. This tool enables insurance professionals to make well-informed decisions, effectively mitigate risks, and enhance underwriting strategies with remarkable precision and efficiency.
    • Exploring GenAI use cases: ideation and qualification for an Insurer As part of their GenAI exploration initiative, this project focuses on identifying key use cases for AI within various business processes. Workshops involving 40 departments helped assess internal and external feedback, map strategic priorities, and categorize potential AI applications by impact. The project helped departments in defining priorities, provide strategic input to management, and map the transformative potential of GenAI.

    We are working on various AWS infrastructures (Bedrock, Q, SageMaker...) and our products rely on AWS services when creating and deploying a platform or a software for a customer.

    Highlights

    • Operational Efficiency through AI-Driven Automation: By implementing AI for knowledge management and support tasks, we enhance insurers' operational efficiency, reducing costs and streamlining workflows to improve productivity.
    • Personalized Customer Engagement and Claims Handling: Our AI solutions allow for tailored communication and claims processing, meeting individual customer needs and enhancing the overall customer experience with responsive, personalized interactions.
    • Advanced Risk and Fraud Management with Generative AI: Leveraging GenAI, we improve fraud detection and support strategic decision-making, particularly for complex risk assessments, enabling insurers to better quantify exposure and refine underwriting strategies.

    Details

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    Pricing is based on your specific requirements and eligibility. To get a custom quote for your needs, request a private offer.

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