LTIMindtree, a global technology consulting and digital solutions company, recently announced the launch of the ‘AI-Smart Underwriter’ solution developed in collaboration with ServiceNow to empower underwriters to make more informed, data- and AI-driven decisions while driving efficiency through intelligent automation. Through this effort, LTIMindtree aims to create better experiences and drive value for insurers.
The certified AI-Smart Underwriting solution simplifies insurance underwriting with a single, seamless, and integrated view of risk and automation of processes. From submission intake to policy binding and renewals, AI-Smart Underwriting from LTIMindtree and powered by the ServiceNow platform will enable underwriting teams to save efforts on manual tasks and focus on making business critical decisions such as risk selection, eligibility, and pricing.
Nachiket Deshpande, Chief Operating Officer and Whole-time Director, LTIMindtree, said, “We are excited to partner with ServiceNow to help insurance underwriters achieve elusive profitable growth by providing a single window to the risk, intelligent automation and data-driven autonomous insights. Our investments in AI-Smart solution are consistent with our strategy of empowering ‘Everyone with AI’ by embedding ‘AI in Everything’ and providing a comprehensive platform with ‘Everything in AI’ capabilities.”
Recent research from ERP Today sister site SAPinsider suggests that while AI adoption is progressing, organizations are cautious toward its application in core operational areas, emphasizing the need for continued development and validation of AI technologies to meet these specialized demands. The recent research report, AI: State of Adoption 2024, showed 27% of organizations currently using or have used AI for customer service, but outside of this function, AI adoption is extremely low for other business functions. Surprisingly, a significant number of organizations are still in the evaluation phase for integrating AI into core business functions such as Finance & Accounting, Procurement & Sourcing, Product Service Design and Development, Risk Management, and Supply Chain and Logistics. This hesitancy could be attributed to the complexity and critical nature of these functions, where the integration of AI requires robust data management, high accuracy, and compliance with stringent regulatory standards.
ServiceNow is committed to transforming and simplifying the complex insurance underwriter experience through the power of technology and AI capabilities, said Erica Volini, Senior Vice President of Global Partnerships at ServiceNow. “By combining LTIMindtree’s digital consulting expertise with our unified AI platform, we are providing a more agile, adaptive, and intelligent underwriting solution for employees and clients that will redefine industry standards”, she added.
The AI-Smart Underwriting platform serves as a central hub where underwriters can access and manage all relevant information, assisted by tools, and resources to evaluate risks and make informed decisions. This will likely advance traditional insurance underwriting practices by automating their work with advanced data analytics, AI, and digital tools to provide fast, accurate, and scalable services. AI-Smart Underwriting aims to enable efficient agent collaboration and empower underwriters with critical insights to make quicker decisions. This solution will be available in the ServiceNow Store.
ServiceNow’s partner ecosystem is critical in supporting the $275 billion forecasted market opportunity through 2026 for the Now Platform. The ServiceNow Partner Program recognizes and rewards partners for their varied expertise and experience to drive opportunities, open new markets, and help customers transform their business across the enterprise.
What does this mean for ERP Insiders
Insurance underwriting stands to gain from AI tools. AI models can process vast amounts of structured and unstructured data (e.g., historical claims, social media, geospatial data) to provide more accurate and nuanced risk evaluations. Repetitive tasks such as data entry, document verification, and policy processing can be automated by AI, enabling underwriters to focus on complex decision-making and reducing turnaround times. Also, by analyzing individual behavior, demographics, and other data points, AI enables the creation of tailored insurance products that meet the specific needs of customers. AI systems can also identify patterns and anomalies in claims data that may indicate fraudulent activities, reducing financial losses. AI can dramatically speed up the analysis of applications, allowing underwriters to approve, deny, or adjust policies more quickly. And with AI, underwriting processes can be scaled efficiently to handle increasing volumes of applications without proportional increases in staffing costs. Machine learning algorithms can forecast future trends and risks, enabling proactive adjustments to underwriting strategies and pricing models.
Study LTIMindtree’s track record in the insurance industry. History is not always a perfect predictor of future results, but LTIMindtree has a strong record in the insurance space, which should spur customers in this industry to carefully evaluate this joint offering with ServiceNow. In the case of Gen Re, LTIMindtree played a pivotal role in Gen Re’s cloud migration journey, addressing scale challenges and geographic diversity. Their comprehensive approach ensured a seamless transition, meeting Gen Re’s objectives successfully. With ICW Group Insurance Companies, LTI’s deep Property & Casualty insurance domain knowledge and Quality Assurance expertise has helped ICW to accelerate the transformation journey of its Claims and Policy Administration systems. And Jeffrey Glazer, CEO of Insurity, has acknowledged LTIMindtree’s contributions, stating, “LTIMindtree has been a key partner in our digital transformation journey, providing innovative solutions that have enhanced our operational efficiency and customer experience.”
