Navigating the Future of Insurance
A Deep Dive into Appian’s Use Cases and Stories for Successful Partnerships
The insurance industry is undergoing a profound digital shift. To keep up, insurers need a connected insurance platform that not only meets the demands of today but anticipates the needs of tomorrow. For many leading insurers, Appian is that platform.
This blog walks you through how Appian equips our partners with the insights and tools they need to amplify their success in the Insurance industry.
Join us on a journey through the dynamic conversation between Jake Sloan, Industry Vice President, Insurance, and Gijsbert Cox, Industry Lead, EMEA, Insurance. The two will shine a spotlight on the latest trends, use cases, and success stories of Appian for insurance.
Digital-first transformation: A global imperative.
Insurers are now more than ever committed to crafting a digital-first experience. From underwriting to claims processing, the emphasis on a seamless digital journey is paramount. Here are some of the key areas insurers are transforming:
Personalization and risk profiling.
Personalization is emerging as a key differentiator in this new era of technology. Insurers are not only modernizing their processes but also diving deep into personalizing products and premiums, leveraging all customer data. The conversation also sheds light on Usage-Based Insurance (UBI) and the expansion of IoT devices, showcasing that these concepts are not just trends—they’re integral to the future of insurance. The shift towards creating more granular risk profiles is happening, with machine learning and other technologies becoming pivotal tools in understanding and managing risk effectively.
Collaboration for profitability.
In a noteworthy paradigm shift, a focus on profitability has taken precedence over growth. The collaboration between traditional insurance players, insurtechs, and others now revolves around a shared goal: profitability. This marks a departure from the growth-centric strategies of the past, with a newfound emphasis on reducing operational costs and achieving technical results.
Generative AI and regulatory frameworks.
No discussion on insurance in 2024 is complete without addressing the role of generative AI. Sloan and Cox highlight the practical applications of generative AI and the challenges posed by evolving regulatory frameworks. The conversation underlines Appian’s commitment to staying ahead, ensuring that the platform not only adapts to regulatory changes but leads the industry in responsible AI.
Modern data management.
Insurers are facing complexity, including regulatory pressures, inflation impacts on cost control and claims processes, and the need to use their people effectively. So it’s more important than ever that they use the vast amount of data available to them effectively. There is a need to operationalize data, bringing it into day-to-day operations to enhance processes and support staff handling claims or risks. And with more and more data generated each day, it’s also critical to find a way to integrate data sources to maintain data visibility and control.
“A key aspect we can support our insurance customers with is the operationalization of data, bringing it to the people handling claims or managing risks because they are in dire need of it. They operate within multiple systems and engage in swivel sharing. The surge in data is immense, and we aim to assist the insurance industry in navigating this challenge. There are ample opportunities not only to streamline processes but also to provide crucial support to these professionals, says Gijsbert Cox.”
Top 3 Appian insurance use cases.
As the conversation transitions to real-world applications, Cox underscores the significance of the connected insurance platform that Appian provides. It’s not just a concept; it’s a reality backed by a plethora of use cases. These aren’t hypothetical scenarios but actual instances where Appian has empowered insurers to navigate complexity, streamline processes, and enhance customer experiences.
1. First notice of loss in claims.
Gijsbert Cox identifies first notice of loss (FNOL) in claims as a hot topic where Appian delivers tangible value. The platform offers flexibility, capturing and automating data to elevate the quality of the initial claims process. What makes it remarkable is not just the efficiency gains but the ripple effect the data quality has on the entire claims journey.
2. Underwriting process efficiency.
As the dialogue shifts to the underwriting side of insurance, Appian’s benefits become even more evident. The focus here is on the true underwriting process before generating a quote, and which currently often happens on Excel spreadsheets, in Emails, and on Post-It notes. Appian provides a single pane of glass for underwriters, replacing fragmented processes with efficiency and clarity.
3. Private AI and data fabric.
Jake Sloan continues the conversation by talking about Appian’s private AI approach and data fabric. He explains how insurers can use this technology to connect various data sources via the Appian Platform, ensuring the privacy of their data while using AI models to generate results. This approach supports defending decisions made with algorithmic outputs.
“I am particularly proud of our engineering organization and the stance we have taken on data fabric and the private AI posture, ” says Jake Sloan. This is a game changer for insurance companies seeking to leverage AI tech in a secure way.”
2 real-world customer stories.
CNA needed a comprehensive solution to centralize all their multinational underwriting activities, efficiently manage their end-to-end processes, and improve communication between global staff and fronting partners. Their Appian solution connects hundreds of strategic business partners in 164 different countries, allowing them to write and manage local-admitted policy placements around the world in real time. Regardless of geographic location, CNA’s agents and underwriters can now track the status of all policies, any potential issues and their timing, claims, and payment status, all within one platform.
Aon faced a complex business problem, seeking to change their operating model by centralizing more transaction processes. However, traditional development methods lacked the capacity and time required for this transformation. Appian not only facilitated fast and efficient low-code development but also helped Aon reimagine their processes entirely through automation. Consequently, they redirected investments into strategic areas, contributing to 30-plus consecutive quarters of net new growth in reinsurance.