Sapiens International Corporation, a leading provider of software solutions for the insurance industry, recently joined forces with Microsoft Azure OpenAI to leverage powerful AI models and tools for the insurance sector. Through this integration, Sapiens’ AI, cognitive services, and process automation will benefit insurers in multiple ways, such as providing faster answers to customers and streamlining the underwriters’ day-to-day tasks, and by reducing time spent on processes like claim process and fraud detection.
Alex Zukerman, Chief Strategy Officer at Sapiens, points out that generative AI might be a game-changer for the insurance industry, as it can facilitate and grow their business by taking away high-volume calls from agents and employees.
Furthermore, WTW also unveiled a new financial product to counter the lack of coverage present in the market. Intangible Asset Protection (IAP) is a much-needed product as it safeguards and capitalizes on intangible assets, including intellectual property rights, contracts, formulas, algorithms, and coding. With this product, WTW is providing clients the opportunity to transfer the associated risks of their non-public, proprietary intangible assets from accidental or malicious insider actions.
On the other hand, Procore Risk Advisors—a brokerage founded to provide tailored solutions tailored for the construction sector—has two new insurance programs exclusive for Procore customers. These insurance programs; Builders Risk and General Liability Wrap-up (GL), are trusted carriers seeking to obtain the best possible coverage and rates. With an extra emphasis on risk management via data collected from the Procore platform, Procore Risk Advisors allows customers to create a detailed risk profile and ultimately secure their business.
In conclusion, Sapiens International Corporation, WTW and Procore Risk Advisors could contribute to improving the user experience of the insurance and construction industries respectively with these new products. The potential of these solutions is fast becoming reality for the benefit of numerous customers and businesses alike.
