[e-newsletter] Vol #4: 100x improvement to claims & underwriting; Cost of building custom AI

Salutations,

A recent Gartner report revealed the cost of building custom insurance "AI virtual assistants" is somewhere between $8 million and $20 million – before adding costs associated with data management, infrastructure, ML Ops, process engineering, business disruption from acquiring/redeploying these resources etc.

Such factors might account for why the Gartner report further estimates that 30% of [Generative] AI projects will be abandoned by 2025 due to issues ranging from poor data quality to inadequate risk controls to unclear business value.

These facts and figures further underscore the value of what we at Roots have been building over the past five years:

AI-powered Digital Coworkers designed for insurance, trained on millions of underwriting and claims documents and data points, able to deliver value incredibly fast. Built and ready for deployment.

Harry Talbert, Senior Vice President of Information Systems at Eastern Alliance, recently noted that:?

“With Roots, they're only focused on the insurance industry. They could talk our language and lead us through different workflow options, solving our core use case challenge while accomplishing our goal of implementing AI into Eastern Alliance." Read the full case study here .

As we enter the 'disillusionment' phase of Gartner’s famous AI “hype curve,” business leaders are asking themselves:?Does my organization really need the disruption, cost and risk associated with building an AI ‘lab,’ or should we partner with a best-in-breed, made for insurance solution?

I welcome your thoughts.

Please enjoy the August edition of “Making Work More Human.”

Until next time,

Chaz Perera

CEO & Co-founder, Roots Automation

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Featured

Case Study:?100x Improvement to Claims Document Processing for Eastern Alliance

Eastern Alliance Insurance Group (“Eastern”), a US-based commercial carrier specializing in Workers Comp, faced significant challenges in managing its claims document intake.

The company's claims, operations and mailroom teams were overwhelmed by the volume of incoming documents, often exceeding their document turnaround times taking five days (instead of three). Eastern needed a solution.

Alternative vendors failed to achieve the desired results, in which Eastern turned to Roots Automation's Digital Coworkers.

Working together, Eastern and Roots teams:

• Reviewed documents to be indexed; created a taxonomy of document types; and outlined data points needed to accurately identify each document.?
• Demoed Digital Coworker's capabilities and defined new processes?
• Built and implemented Eastern's own Digital Corworker -- "Phyllis" -- with the team's participation, to full adoption.

The result: a 100x improvement in document processing turnaround times (avg 1 hour, down from 5 days).

Click to learn more.

Perspectives

"Transforming Claims Management with AI-Powered Digital Coworkers"

Get in-depth insights and information on the benefits of AI to improve claims management; key pressure points in claims that AI can address; and real-world success stories of insurance organizations driving real value creation across AI their claims operations.

ROI Calculator -- Calculate the Benefit of AI of AI-Powered Document Processing

Digital Coworkers can complete a wide range of underwriting and claims management tasks 4x to 8x faster. This interactive tool will show precisely how having faster, more accurate insurance document processing translates into real-world ROI.

"Managing the Hype Cycle": Effective Goal-Setting for AI Adoption

Experts from Liberty Mutual Insurance and Bain & Co offer their proven guidance on setting clear, achievable goals to help ensuring success for your investment in AI-powered underwriting.

On-Demand Webinar: "AI-Powered Document Processing in Underwriting"

Find valuable information and insights about key drivers of inefficiency and revenue loss in underwriting and discover the AI tools and best practices that are creating underwriting success today.

Use Case

Document Classification & Indexing

Many insurers still manually process documents around underwriting (submissions, loss runs) and claims (FNOL/FROI, and ongoing claims). Doing this can result in inefficient underwriting and claims leakage that can cost up to $.14 of every premium dollar collected due to a host of issues, including document reworking, incorrect classification and reduced capacity due to spikes in volume.

Discover how Digital Coworkers are built to enhance insurance document processing.

Powered by InsurGPT(TM), the only Generative AI model tailored to solving insurance's natural language processing challenges, Digital Coworkers significantly improve accuracy and speed for tasks ranging from submissions to claims handling.

Digital Coworkers scale with your needs, reduce manual work and ensure consistent document management while freeing skilled employees for higher-value tasks.?

Read the full case study here

Meet Roots in Person

Event: ITC Vegas

• Date: October 15-17
• Location: Las Vegas, NV
• The Roots team will be at the premier global gathering of insurance innovation leaders. Come experience our best-in-class underwriting and claims solutions for accelerating your organization's growth.

Event: Reuters Connected Claims

• Date: November 12-13
• Location: Austin, TX
• Reuters Connected Claims is the world's largest claims transformation event. Drop by and discover how Roots Automation's AI-powered Digital Coworker, Roxanne, will accelerate your claims operations.

Drop us a line if you are going to be at these events, we'd love to meet in person!

About Roots Automation

Roots Automation empowers global leaders to revolutionize work with AI-powered, intelligent Digital Coworkers. Find out more here