This partnership pairs enterprise-ready AI with state-of-the-art SaaS solutions, allowing for seamless data flow and automation, enhanced operational efficiency, and reduced costs for insurance organizations
March 19, 2024 10:33 AM Eastern Daylight Time
HARTFORD, Conn.–(BUSINESS WIRE)–Insurity, the leading provider of cloud software for insurance carriers, brokers, and MGAs, today announced that it has partnered with OIP Robotics (OIPR), an Insurtech data and software solutions lab, to transform data processing within P&C insurance. This collaboration is set to bring unparalleled automation efficiency to policy lifecycle management and transform traditional data processing methods, bringing increased operational efficiencies and reduced costs to insurance organizations.
By integrating OIPR’s innovative AI capabilities with Insurity’s advanced SaaS offerings, Insurity customers get the benefit of streamlined processing using a single document entry point feeding Insurity’s entire product suite. The partnership maximizes automation and reusability. This efficiency enhances operational processes and significantly lowers the risk of claims related to data entry errors, thereby safeguarding customer interests. Submissions that previously took hours are completed in minutes, reducing data entry errors from a 4% error ratio to less than 1%.
Moreover, this partnership addresses the insurance industry’s long-standing challenges with the absence of standardization and unstructured documentation. By offering a solution that seamlessly integrates AI into SaaS, Insurity and OIPR are breaking down the barriers of costly complexity typically associated with AI implementation in the insurance sector. This enables a smoother and more economically favorable adoption of AI technologies, allowing insurers to focus more on their core functions, such as underwriting, risk management, and claims handling.
“To bring true automation to insurance, it’s imperative to pair up state-of-the-art, SaaS-deployed core systems with new and emerging AI capabilities, precisely the aim of the OIPR and Insurity partnership,” said Mladen Subasic, Chief Product Officer at OIP Robotics. “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. We are thrilled about this partnership and excited to work alongside an innovation-driven company such as Insurity.”
“This partnership unites OIPR’s unique AI approach with Insurity’s comprehensive cloud-native offerings,” said Sylvester Mathis, Chief Insurance Officer at Insurity. “The collaboration is expected to bring increased automation levels to our shared market and combine ideas, technology, and perspectives of both organizations, fostering innovation and setting new industry benchmarks.”
To learn more about Insurity’s partnership with OIP Robotics, please get in touch with [email protected].
About Insurity
Insurity is a leading provider of cloud-based software for insurance carriers, brokers, and MGAs. Insurity is trusted by 22 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and has over 400 cloud-based deployments. Through its best-in-class digital platform, unrivaled industry experience, and the industry’s most robust analytics offerings, Insurity is uniquely positioned to deliver exceptional value, empowering customers to focus on their core businesses, optimize their operations, and provide superior policyholder experiences. Insurity is a portfolio company of GI Partners and TA Associates. For more information, visit www.insurity.com.
About OIP Robotics
OIP Robotics is an InsurTech data and software solutions lab, with its primary offering being the flagship product, NT Extractor. This advanced solution combines AI-powered complex document understanding with the expertise of skilled insurance professionals to enable seamless data flow across the policy lifecycle. Having been in business for more than 11 years, OIPR has established itself as a trusted partner for more than 120 clients, including carriers, MGAs/MGUs, and brokers. OIPR specializes in complex PolicyOps and document understanding solutions.
Contacts
Elizabeth Hutchinson
[email protected]
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