Insurance companies can now accelerate digital transformation thanks to the launch of a new low-code/no-code AI platform that provides “plug in” brain skills to your current software and systems.
ABBYY, a Digital Intelligence company, has launched Vantage 2, that delivers cognitive skills for RPA robots, automation systems, chatbots, and mobile solutions, enabling insurance organisations to gain insights from documents and content used in policy administration and claims management processes. The company also launched ABBYY Marketplace, the first open marketplace where you can discover, try, and purchase reusable AI skills instead of having to undergo complex IT change management. It will allow insurance organisations to accelerate efficiency in key processes, including quoting, underwriting, customer onboarding, and first notice of loss (FNOL).
The announcement comes at a time when investment in Insurtech soars – reaching $2.2 billion during the first half of 2020 despite the fallout from COVID-19.
ABBYY Vantage 2 drives change across the entire organisation by enabling business users to digitise operations faster without complete reliance on IT: with Vantage, they can derive critical insights from documents on a large scale. Through empowering individual users, Vantage allows insurance leaders to accelerate automation strategies, improve customer experience, lower risk, and increase productivity. The re-architectured platform is built on microservices and packaged into containers orchestrated by Kubernetes to fit the needs of agile IT operations. With a cloud-first architecture and intuitive, low-code/no-code interface, Vantage makes transformative technologies like AI and machine learning easy to adopt and consume within the enterprise.
The new ABBYY Marketplace provides an extensive online collection of reusable technology assets including cognitive skills for classification of documents and data extraction, ready-to-go process flows, and pre-built connectors. With more enterprises interested in the try-and-buy method, the Marketplace offers pre-trained skills for all types of documents like invoices, purchase orders, receipts, loan documents, insurance claims, and more. ABBYY partners also can contribute new skills and other technology assets to the Marketplace or utilise ready-to-deploy assets to speed up automation projects.
“According to IDC’s 2020 Intelligent Document Processing Use Cases Survey, almost half of enterprise leaders cite improved business decision making as a primary benefit of digitizing and transforming document processes; other benefits include customer and employee satisfaction and improved accountability. However, the respondents also mention the shortage of IT resources and inadequate worker skills among the main challenges of adopting IDP technologies. This highlights the need for modern low-code platforms that enable a wider range of business functions to contribute to transformation initiatives and accelerate deployments,” commented Holly Muscolino Research Vice President, Content and Process Strategies and the Future of Work, at IDC.
“Vantage 2 and ABBYY Marketplace are well-positioned to provide an accessible solution for business analysts that can be used to build or purchase skills, make them discoverable to an automation platform, add them to a robotic workflow, and drive value for their organization.”
Figures show that customer churn from lost loyalty and poor customer experience costs the insurance industry $470 billion in premiums globally, while more than 50 percent of customers prefer using digital channels – putting huge pressure on providers to step up their digital offering.
“The pandemic’s greatest effect on the insurance industry has been to normalize digital interactions across the widest spectrum of users. Customers previously resistant to online interactions have not only embraced them but become savvy technology users. This mass adoption of automating insurance customer interactions has set the baseline of automation higher than ever before, and these paths of automation will continue well beyond the pandemic,” said Eileen Potter, Solution Marketing Manager for Insurance at ABBYY. “This is why insurance companies are acting quickly and turning to easy-to-use automation solutions to speed up their digital offerings.”
ABBYY Vantage 2 is available now to early adopter customers and partners. It can be purchased directly through ABBYY or via a global network of partners including RPA vendors, strategic system integrators, and consulting firms.
To learn more about ABBYY Vantage 2, please visit www.abbyy.com/vantage