Watson Enabled Cognitive underwriting
The highly competitive insurance market requires agile business processes. Insurance companies need to be able to implement new products quickly to stay ahead of the market. They also need to be efficient in processing new business or renewals. Dayhuff's underwriting framework solutions built on IBM Case Manager allow for the agility needed to stay competitive.
Dayhuff Group has templates designed for Commercial lines, Personal Lines and Life insurance. These can be implemented as is or integrated with your third party systems to even further optimize the underwriting process. IBM Watson technologies are embedded in the solution to make the underwriting process smarter and faster.
ROBIN - Cognitive Robotic Process Automation
Cognitive automation is poised to revolutionize the core of the insurance business. It will change extensively how insurers perform underwriting, reducing the risk, time and cost of underwriting.
Traditionally underwriting, which relies on customer data and analytical proficiency, has been pivotal to the insurance industry. Cognitive automation, a combination of cognitive processing and robotic process automation (RPA), will assist insurers in evaluating their exposure to risk. Cognitive enabled underwriters will be faster and more accurate than traditional underwriting.
Improved Reserve Management with IBM Watson
Leveraging the cognitive abilities of IBM Watson to help manage the claims reserve process can more accurately calculate the reserve. Watson has the ability to look across the entire history of claims to make a determination of reserve.
Watson can identify redundant claims reserves that can inflate a loss ratio, and Watson can identify deficient claims reserves that can deflate a loss ratio, leaving the loss ratio understated.
Capabilities built in
The Dayhuff framework comes with a host of enhancements built into the IBM Case Manager product. Here is just a short list of capabilities:
- Dynamic load management.
- No-code workflow design.
- Dashboard analytics.
- IBM Watson intelligence built in.
- Customizable user experience.