Blockchain or IOT?

Within our Digital X-Lab we work on the technological trends of the insurance industry.

Cloud or AI?

There are many technological trends for insurance 4.0. We focus on the most interesting ones.

Digital X-Lab

Innovation belong to our daily business.

The terms blockchain, Internet of Things (IOT), artificial intelligence (AI) and cloud are currently on everyone's lips. The insurance industry is starting to embrace such technology. What can companies expect from these technologies today?

Within our Digital X-Lab we work in interdisciplinary teams on concrete customer projects or use cases for insurance companies.

Our teams are currently focusing on the following topics:

Blockchain

Together with our partners, we work on different applications. We deal with peer-to-peer insurance, parametric insurance and distributed ledger technology.

Project Rita

The project RITA (Reinsurance Technical Accounting) facilitates the exchange of accounting data within seconds, more securely and more efficiently, especially for reinsurance companies. So far, the process has taken weeks or months. The reason for this is that to date, accounting has been managed without a cross-company system and causes enormous manual effort. The unavoidable media breaks make the process susceptible to errors. With RITA, on the other hand, invoices can be sent seamlessly and in real time.

Blockchain technology enables all participants in a network to create a common database without a central operator. RITA relies on the distributed ledger - the technology of distributed cashbooks – while taking advantage of the blockchain. All participants are authenticated and data can only be viewed transaction-based.

Another objective of RITA is to develop a self-learning standard.

Interfaces to popular reinsurance systems such as ProRis or SAP FS-RI are already available.

Read more about the project or contact us directly.

Cloud

IT solutions in the cloud accelerate the pace of innovation and take it to a new level: procurement and provision of a system now only takes days or minutes instead of weeks or months.

Working together with our parent company, ConVista Consulting’s Microsoft team, we have made our Faktor-Zehn-Suite available in the cloud (Microsoft Azure).

This means that our software can be made available more quickly on the Azure Web App or in the Azure Kubernetes Cluster. Our customers can also benefit from additional services that Microsoft provides within its cloud, including a chat bot for taking out an insurance policy.

Using the Microsoft bot framework and the Language Understanding Intelligent Service (LUIS), we have developed a demo version of an Insurance Chat Bot that customers can use to request and purchase insurance policies. The Faktor-Zehn-Suite is connected with REST interfaces. Data is also stored directly in our core insurance solution.

Other AI services in the Microsoft cloud can also be used to implement interesting applications for insurers, such as the automated reading of vehicle registration certificates, online verification of passport photos and automatic signatures for the conclusion of contracts and others.

Want to know more? Contact us directly – we look forward to showing you our prototypes and discussing new options with you.

Click here to go to the Faktor-Zehn-Suite page on the Microsoft Azure Marketplace.

IoT - Internet of Things

The objective of the Internet of Things is to automatically capture and link information from the real world, and make it available for further processing.

In the Digital X Lab, we identify information that enables insurers to offer their customers added value - and information that enables insurers to bring new innovative products to market.

Use Case: Automatic claim notification and settlement using smart home devices (for burglary or water damage)

When common smart home devices register water damage or burglaries, they immediately send a message to the home owner. Our claims system now enables our customers to link smart home devices to relevant insurance policies. Information about the damage is fed directly into our claims system.  The home owner can then automatically create a claim report, which means the insurance company is notified of the incident immediately and can confirm cover and benefits quickly. Thanks to new ways of settling claim, things can be wrapped up quickly.  

Want to know more? Contact us directly – we look forward to showing you our demo.

AI - Artificial Intelligence

We use up-to-date AI development environments and automated learning to improve your business processes and decisions.

We are currently focusing on the following:

  • automated document processing, in particular text recognition and topic modelling
  • the implementation of predictive algorithms and
  • the development of intelligent assistance systems.

For automated word processing, we use cluster algorithms to identify related subject areas from your customer correspondence. This enables you to identify your customers’ core topics. The next step is then to use classification procedures, based on the topics selected, to automatically categorize texts and initiate process steps.

Using predictive algorithms based on artificial neural networks and AI time series models, we achieve more accurate predictions than traditional forecasting models. This means your business planning process is supported in the best possible way. If necessary, we use reinforcement learning methods to evaluate and optimize recommendations for action based on the forecasts.

In the field of AI-supported assistance systems, we work on virtual assistants that react automatically to customer enquiries on social media channels, homepages or via messengers. We connect them to our insurance core systems, so that information can be directly imported or retrieved. We have already developed a demo version for an Insurance Chat Bot, which customers can use to request and take out insurance.

Want to  know more? Contact us directly - we look forward to discussing possible use-cases with you.

Portals

Nowadays, asking customers to fill in a form, print it and send it by post in order to change their address creates frustration for the customer.

Nowadays, asking customers to fill in a form, print it and send it by post in order to change their address creates frustration for the customer.

Modern integrated portals change the way things are done, and can be used to create a positive customer experience, rather than a negative one – and both parties benefit.  Next to pricing, positive customer experiences, have become an increasingly important decision criteria when choosing an insurance.

Fully integrated into the core insurance solutions offer/application, policy, product and claims, these portals provide numerous additional services: self-service for the policy holder when settling claims, secure upload and download of documentation, the calculation of new tariffs or policy amendments and claims processing. Furthermore, the insurer can fully exploit up-selling potentials: customers can be offered the change to the latest tariff generation with innovative features via email or SMS with just a single click into the portal.

In a package with chats, telephony or co-browsing, the insurer can create a positive customer experience - and subsequently rely on its customers to become brand ambassadors. The portals not only support cross-channel customer communication, but also reduce internal process costs.

We have developed a state-of-the-art portal solution, which is fully integrated with our Faktor-Zehn Suite, together with our partner Sevenval.

Want to know more? Contact us directly – we look forward to showing you our demo.

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