NEWS & EVENTS
AI one of many paths on inari’s roadmap to value creation
Pens down! We have finalized our roadmap for 2024-2026 and are excited to bring new and innovative solutions to the market.
At inari, we are committed to providing our clients with cutting-edge technologies, bringing new features relevant to the needs of the modern insurer. Across all our features and chosen technologies, our teams deep-dives into how users can be more empowered as they navigate through the different systematic steps.
What is 2024 for inari users?
This year, we have laid out plans to enhance our flagship products with functionalities that can supercharge our users´ day-to-day activities.
We will leverage AI-enabled technologies to automate the mapping process for our Bordereaux management tool (Matsuri) and capture and triage submission data in our Workbench solution (Kitsune).
We will also bring innovative functionalities to facilitate digital interactions with collaborative notes, support information-sharing across organizations, and dynamically leverage large datasets for more timely and accurate insights.
The opportunities and challenges the industry faces around enhancing operational processes and systems are critical priorities for inari to help our clients innovate organically.
Reaching wider adoption of AI
Amid all the background noise and hype around AI adoption, it’s worth noting that according to Swiss Re’s predictions, the impact of AI across the value chain has not materialized yet (ref: Benefits and use cases of AI in insurance | Swiss Re). Also, according to a paper from the leading management consulting firm Oliver Wyman found that only 8-14% of US insurers have GenAI in production (ref: How Insurers Can Use Generative Artificial Intelligence) as projects often face various constraints due to Data management, cloud migration, and automation of a broader range of operational processes.
Data insights with clean data through validation
GenAI and Large Language Model (LLM) models have a promising outlook. Obstacles to broader adoption must, nevertheless, be acknowledged and addressed. Those include, among others, data quality issues that require human intervention.
“Neither AI nor humans can be perfect. That’s why we shouldn’t 100% automate decision-making but leave it in the realm of ‘recommended options with confidence indicators and peer review.” said one of the respondents in a survey by TIN insurance network. Among the several ways AI-enabled systems can make more accurate predictions and relevant recommendations is data validation tools, which could relay the output to the user for verification.
Insurance is a highly regulated insurance industry; humans will remain in the loop to confirm the results. Nevertheless, an intuitive, smart, and agile interface that accompanies the users through the process is what the users desire.
Wrapping up
Technological advances in the insurance industry are a carriage with two adjoining horses advancing together: 1) the technology and 2) the users. Vendors in this space must continuously cater to both by adopting emerging technologies and providing easy-to-navigate interfaces that facilitate operational workflows. At inari, our roadmap is designed with our clients’ technology advancement journeys in mind.
As we deliver the 2024-26 Roadmap, technology trends will come and go, but our approach to adopting these emerging technologies will remain the same. We will continually ask, ‘do the tech solutions address the problems we are trying to solve, and how will they create value for our clients?’
We are hugely excited about what 2024 has in store!
Reach out to Ollie Fox – ollie.fox@inari.io for more.
