Insurity, a cloud software provider for insurance carriers, brokers and managing general agents, has announced a partnership with OIP Robotics (OIPR), an insurtech data and software solutions lab.
This collaboration aims to enhance data processing within the property and casualty (P&C) insurance sector by introducing automation efficiencies to transform policy lifecycle management.
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As part of the alliance, OIPR’s AI capabilities will be integrated with Insurity’s SaaS offerings.
The integration is expected to enable streamlined processing through a single document entry point that feeds into Insurity’s entire suite of products.
According to Insurity, this integration will not only enhance operational processes but also reduce the risk of claims related to data entry errors, thus protecting customer interests.
The company claims that submissions that once took hours can now be completed in minutes, with a reduction in data entry errors from a 4% error ratio to less than 1%.
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By GlobalDataFurthermore, the Insurity OIPR partnership addresses insurance industry challenges around the lack of standardisation and the prevalence of unstructured documentation.
By offering a solution that combines AI with SaaS, the two companies aim to simplify the traditionally complex and costly process of AI implementation in the insurance sector.
Insurity said his alliance is paving the way for a seamless and economically viable adoption of AI technologies.
It is enabling insurers to concentrate more on their core functions such as underwriting, risk management and claims handling.
OIP Robotics chief product officer Mladen Subasic said: “We will bring low-touch, seamless data flow to underwriting, claims and policy support teams, shifting their focus to what matters – building relationships with customers and growing a profitable book of business.
“The joint efforts of OIPR and Insurity aim to remove unstructured and insufficient data, disparate tools and reliance on legacy systems from the equation.”
Insurity chief insurance officer Sylvester Mathis said: “This partnership unites OIPR’s unique AI approach with Insurity’s comprehensive cloud-native offerings.
“The collaboration is expected to bring increased automation levels to our shared market and combine ideas, technology and perspectives of both organisations, fostering innovation and setting new industry benchmarks.”
Last month, Georgia Stern Insurance Agency implemented Insurity’s Sure billing-as-a-service and Sure MGA software, aiming to increase operational efficiency and reduce billing costs.
