Ventiv Technology

BRAVE NEW WORLD | 4 For instance, look at how telematics for automobiles has begun changing the world. While it has been nicknamed a "black box", these data recorders are very different than those used on airplanes. That's because they don't record data the entire time the car is being operated and they don't collect audio or video. That's not to say that the device doesn't collect a host of valuable information. It does -- tracking data elements such as automobile speed, location, driving distances, sharp cornering, and braking. The collected data is used to monitor a driver's behavior, which can then be used to create tailored insurance plans, and (potentially) lower premiums. Of course, EDR's are especially important when an accident occurs, recording when the crash occurred, changes in vehicle speed and airbag deployment. It represents a lot of information that carriers never had access to before. Process Automation Insurance has prospered over the years, in spite of the fact that many of its processes and workflows have been overly complex, cumbersome, and manually intensive. But times - and marketplaces - change. And the name of the game today is speed, efficiency, and cost- effectiveness. Some of the earliest uses of AI and data analytics was around process automation - especially in the areas of underwriting and claims and customer service. Taking human interaction out of the equation has helped to minimize errors, remove bottlenecks, and save time. The result of digital transformation has been modernized workflows, improved straight-through processing and increased productivity. Many carriers are now utilizing Robotic Process Automation (RPA) which uses human- designed rules to perform simple repetitive operations. RPA is being used in the claims process, handling a host of tasks such as data entry, premium payments, as well as preliminary analysis of automobile damage claims, and more.

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