Chris Kitchener, vice-president of product management at Applied Systems Europe, explains how the software house is expanding its artificial intelligence know-how to better support UK brokers
The UK insurance broking sector is set to benefit from a rapid acceleration in the understanding and application of artificial intelligence (AI), enabling brokers to deliver higher levels of customer service.
From the intelligent ingestion and analysis of existing and incoming information, through to better insight into customers’ risks, there is huge potential for AI to help insurance brokers automate manual tasks within their workflows.
This is not just theory, but reality. The work that we have been doing in the US has already delivered practical functionality for brokers across the pond that has been welcomed.
We are embedding intelligent automation seamlessly within broking workstreams, driving process efficiencies and improving service levels. This is enabling US agents to respond to customers quicker and more accurately. And this is just the beginning.
Advancing the use of AI
Over the last 18 months, Applied Systems has been investigating, experimenting and developing new AI driven functionality. Through our specially created AI Lab, supported by a panel of 50 road testing brokers, Applied Systems has already developed some practical, integrated workflow tools that bring real value.
One tangible example is around email summarisation. Most days, brokers receive up to 100 emails and attachments – about 70%, on average, from clients.
These all have to be opened, read and responded to. AI can now speed this process up, intelligently summarising emails and suggesting responses.
Broker feedback on this initiative has been overwhelmingly positive and Applied Systems now plans to offer this functionality to its UK partners too.
Acquiring AI insurtech Planck
Applied Systems’ decision to acquire Planck in July 2024 – a specialist in AI – was a no-brainer and provides an opportunity to accelerate the pace of AI advancement and to better respond to the positive feedback from brokers involved in the AI Lab.
Bringing Planck’s experience, knowledge and skills into the Applied Systems fold leapfrogs us to the front of the AI pack.
The Planck team is not only highly skilled in AI – having been focused on it for at least eight years – but it also understands insurance. Planck’s founder Elad Tsur, whose father used to be an insurance broker, is now our chief AI officer.
In short, the acquisition enables Applied Systems to rapidly accelerate the adoption of AI in order to develop new products and capabilities to help brokers grow.
Bringing AI to UK brokers
We are excited by the opportunities that AI will bring to our customers, while also staying mindful of identifying where it can deliver true value and augment the service brokers are providing to their customers.
Our strategy is simple. As technology partners, we will help our broker customers explore AI opportunities, learning from our experience in the US to quickly roll out valuable propositions built specifically for UK brokers.
