Going BIG on AI Solutions

In an age where technology is rapidly evolving, the insurance industry isn’t immune to the increasing demands of data-driven solutions and the need for improved efficiency and accuracy. Artificial intelligence (AI) is emerging as a main driver of this transformative evolution, opening new and seemingly endless possibilities across every industry.

At Billyard Insurance Group (BIG), we’ve adopted artificial intelligence and robotic process automation to reshape the way our business operates. Investing in generative AI and RPA, our brokerage has taken significant steps in streamlining and automating workflows.

By partnering with technology providers and harnessing the benefits of generative AI, insurance businesses can unlock growth opportunities, enhance user experiences and gain competitive advantages in the digital era.

How BIG is using AI

Integrating technology into every facet of our culture has been a cornerstone of our success, driving our recent growth. Recognizing the importance of maintaining the highest standards for our customers and insurance partners, we identified a critical need in early 2023 to develop a platform that would enhance broker efficiency and accuracy and minimize risk. This insight led to the creation of Project Precision, an AI-driven underwriting platform.

Now fully adopted across the organization, this platform has transformed BIG’s operations, boosting profitability and reducing E&O exposure by streamlining the personal lines underwriting process and delivering powerful data analytics.

Precision analyzes vast amounts of data with increased accuracy, minimizing risk and enabling brokers to better serve customers. The platform ensures precise quoting and underwriting accuracy. It simplifies the application process for brokers, creating more time to service clients and grow their book of business.

Integrating AI into our culture has been transformative, challenging traditional processes and fostering a mindset of programmatic thinking. Through automation and technology, we’ve tackled many challenges big and small, driving efficiency and innovation across every aspect of our operations. From pre-underwriting to application automation and data analytics, this technology has revolutionized our approach, ensuring swift decision-making and seamless customer and carrier experiences. By automating information auditing, validation and quote accuracy assessment, our team can expedite processes and minimize errors, strengthening our commitment to providing reliable services.

Our use of AI and RPA has been a driving force in application automation and underwriting efficiencies, ensuring completeness, accuracy and regulatory compliance. Through automated document creation and review, we’ve streamlined workflows, empowering underwriters to focus their attention on intricate details. Generative AI has also empowered our team to derive actionable insights from real-time analytics dashboards, monitor Key Performance Indicators and identify patterns through data visualization. These functions have ultimately helped our brokerage track our successes and plan for growth.

It’s taken several years of committed investment to drive transformative technological change in our business. We’ve built in-house development capabilities, engaged third party vendors and made a significant investment in MyChoice Financial, a Toronto-based Insurtech company affiliated with BIG.

New Applications

At BIG, we recognize that AI’s potential extends beyond underwriting and application processes and we continue to explore the technology across our business. AI is capable of anomaly detection, predictive modelling, and handling both numeric and text-based data, which aids in assessing and adjusting operations when necessary. It also assists when interpreting large sets of policy characteristics and premium data to produce accurate quotes, in addition to supporting claims processing and fraud detection, ensuring regulatory compliance and client satisfaction.

Furthermore, the versatility of generative AI can be an incredible influence on an organization’s operational efficiency. It can help craft key messages for internal and external communications like job postings, press releases and company policies. It also possesses the ability to streamline meeting minutes and transcripts, automate task assignments and create compelling presentations. Additionally, AI-powered chatbots and telephony systems can automate customer service tasks, learning and improving over time.

Test Driving AI

When integrating AI into your organization, it’s crucial for decision-makers to have a comprehensive strategic plan in place. This involves assessing the extent of AI usage currently taking place in your organization, establishing robust governance and policies for AI deployment and carefully weighing the costs and benefits of in-house development versus third-party solutions. Prioritizing data security to ensure sensitive and confidential information is protected is also essential.

If you’re new to the world of AI, consider integrating off the shelf tools like Microsoft Copilot and ChatGPT in your day-to-day workflow, as they can create efficiency and provide valuable insights. Start with small projects and gradually build capabilities before scaling to larger initiatives. Doing so will foster a culture of innovation and adaptability within your organization.

Building the Future

In the dynamic realm of technology, generative AI heralds a transformative era. Its implications are far-reaching, extending to stakeholders, markets, clients and regulators, as AI-driven solutions redefine industry standards and expectations.

Looking ahead, the future of AI in insurance holds boundless opportunity for innovation and collaboration. Through ongoing research, collaboration and investment, BIG will continue to leverage AI to revolutionize insurance, drive positive change and unlock new possibilities.