The solution supports more than 20,000 insurance-specific terms, 900 document types and 70 languages, enabling carriers to automate processes. Credit: 13_Phunkod/Shutterstock.

Automation company Indico Data has revealed its “enhanced out-of-the-box AI capabilities” tailored for the insurance sector.  

The new features are designed to support global carriers and further advance digital transformation in the sector, the company said.  

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Indico Data’s agents are combined with Agentic AI decisioning capabilities to enable insurers to digitalise and extract data across commercial property and casualty, specialty and other product lines.  

The company claimed that this solution eliminates the requirement for training data or “IT overhead”. 

The solution supports more than 20,000 insurance-specific terms, 900 document types and 70 languages, enabling carriers to automate processes such as submissions, claims processing and policy servicing.  

Indico Data claimed a 97% go-live success rate and zero insurance customer churn. The company stated its solutions have been used by global carriers to address complex workflows and deliver return on investment. 

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Indico Data claimed that by using its “out-of-the-box capabilities”, insurers have reduced processing time by 70%, increased capacity fourfold and improved speed to quote by 85%.  

Indico Data’s solutions support more than 120 product lines with no-code, schema-driven configuration, eliminating the need for model training and IT dependence. The Agent Studio is said to enable easy customisation of data schemas and summarisation. 

Indico Data CEO Tom Wilde said: “As the first to bring a large language model solution to the insurance industry, Indico Data has been driving innovation for years.  Our deep insurance expertise and cutting-edge AI enable us to tackle the industry’s toughest challenges, turning unstructured data into actionable insights with unmatched speed and accuracy.

“Now with our schema-driven, no-code solution, insurers bypass costly model training and see measurable results from day one – delivering immediate business value.” 

In October 2024 at the ITC Insurtech Expo in Las Vegas, Indico Data launched its Agentic AI decision application for underwriting triage and clearance.