Emerging Technologies Empowering Insurers to Thrive
Certainly, no private sector has felt the brunt of COVID as the insurance industry. A recent report estimates of the cumulative payout of American insurers for pandemic-related care are as high as over half a trillion. At the same time, exciting technologies are empowering organizations to succeed in challenging conditions. A new study by Forrester Consulting details The Top Emerging Technology Investments in Insurance 2022.
The InRule Intelligence Automation® Platform delivers key technologies highlighted by Forrester, featuring:
Ethical AI – The report defines Ethical AI as “artificial intelligence that adheres to well-defined ethical guidelines” with use cases of improving consumer trust and greater transparency of AI tools and models. The InRule machine learning product provides explainable and ethical AI by providing predictions with the why®. Every prediction details the factors and weights that influenced the prediction, eliminating the black box of machine learning and allowing users to make better decisions. Further, InRule facilitates fairness through awareness with bias detection through complete transparency in rules logic and machine learning predictions. System alerts and decision histories protect against harmful biases and promote equitable treatment of all coverage applicants.
Personalization technologies – A variety of technologies “orchestrate individualized experiences” that provide coverage suggestions and next-best-action recommendations based on similar customer profiles and situational business objectives. InRule delivers powerful machine learning and decisioning tools that yield detailed, actionable customer intelligence which allows users to tailor experiences, products and recommendations for each customer.
Low code/no code (LCNC) – Using “visual, declarative techniques instead of programming,” LCNC platforms enable non-coders to perform an ever-increasing variety of applications. For two decades, InRule has led the way in putting the power of automation in the hands of business users and subject matter experts. No-code tools enable organizations to rapidly author and manage business rules without involving IT staff, essentially expanding an organization’s development staff by extending programming capabilities through plain-language menus. Citizen developers can create complex processes using simple drag-and-drop editors, and create and streamline machine learning models with AutoML tools.
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