Artificial intelligence can support brokers in being more ‘efficient, effective and responsive’, says chief product officer
Brokers that tap into artificial intelligence (AI) to embed “intelligent automation” into their workflows “will be the winners” in the UKGI market, according to Anupam Gupta, chief product officer at software house Applied Systems.
Speaking to Insurance Times at the software company’s Nashville-based Applied Net 2024 conference, held between 8 and 12 September 2024, Gupta explained that Applied Systems has been investigating and testing new models that use AI to help brokers “be more efficient, effective and responsive”.
This includes, for example, better managing data and enhancing upsell and cross-sell capabilities.
Gupta said: “Clients want [operational] efficiency in a world where there is a huge amount of data, some of which is in documents.
“Brokers can, [therefore], know more about their clients’ business and their exposures and with that information, they can [better] understand their model and the opportunities.
“We want to work with brokers on growing [their] top line and helping with efficiencies in areas where they are spending a lot of time on what might be repetitive or more core tasks.
“With AI, we understand that it will be those [that] integrate that intelligence into [their] workflow that will be the winners.”
Time saving tech
One example of embedding AI into workflows includes reducing the time taken to read and review emails.
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“Speaking to some of our clients, they will have between 50 to 100 emails per day,” Gupta said. “[Brokers] tell us they are spending increasing amounts of time reading and responding to those emails.”
To mitigate this broker pain point, Gupta explained that Applied Systems is working on an AI tool that will be integrated into its agency management platform, Applied Epic. This will “summarise emails as they are received, which will cut down the time taken to read them”.
Gupta continued: “In terms of customer service, it should enhance the response of the broker and answer the question as to how can they be more efficient, effective and responsive.”
AI capabilities
To further bolster its AI capabilities, Applied Systems bought Israel-based commercial insurance AI platform business Planck in July 2024.
Gupta said the newly combined teams are already working on ways that AI can be embedded into Applied Systems’ platforms and products.
However, “with AI, the issue is around application,” he added.
“The capabilities are there to do so much more. We are looking at how we prioritise high value use cases for brokers.
“We want to deliver intelligent automation into workflows.”
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