Benefits of using NLP and AI: An insurers' perspective

It’s estimated that a large global insurer can spend 4-6 million hours annually on manual document handling across multiple operational processes such as submission, booking and issuance, bordereaux management, FNOL, and investigation.

As a result, whole swathes of insurers’ business processes, particularly those that stem from the age-old challenge of manually managing mountains of unstructured data, are ripe for reimagining.

In particular, natural language processing (NLP), the field of artificial intelligence (AI) that deals with language inference through machine learning (ML), is proving its worth as the basis for data ingestion solutions that can arguably change the game for insurers.

This content focuses on how insurance companies can unlock the true potential of AI-based technologies.