1. Why is unstructured data a significant challenge for the insurance industry?
The insurance industry relies heavily on information from documents like emails, PDFs, and handwritten forms. Approximately 80% of all data in the insurance industry is unstructured, hidden within everyday correspondence such as submissions, legal demands, and medical records. The inability to efficiently leverage this data for decision-making costs insurance companies $100 billion annually, driven by underpriced risks, insurance fraud, and overpaid claims.
This unstructured data is difficult for traditional computer systems to understand, is inconsistent, lacking information, and poorly (sometimes inaccurately) completed. This leads to slow and error-prone manual processing. Roots Automation’s AI-powered solutions turn unstructured data into actionable insights, helping insurers streamline workflows and improve service delivery.
2. What makes Roots Automation’s approach to unstructured data unique?
Roots Automation uses Artificial Intelligence (AI) models that are specifically trained on non-public insurance data, so they have a deep contextual understanding of insurance products, language and processes. For example, our AI can: analyze, classify, index, and file claim documents, or extract and analyze detailed exposure and loss history from broker submissions with the same understanding as a seasoned insurance veteran.
3. What role does human oversight play in your AI deployments?
We use an approach called “Human-in-the-Loop” (HitL) that allows our customers’ experts (i.e., their best people) to check the AI’s work and instruct or correct any mistakes/misunderstanding. Roots Automation even has a patent for our version of HitL, whereby our AI is able to dynamically present a human with information and options that are particular to the use case, transaction, and data in question. It is important because even though our AI is powerful and accurate 98% of the time, it’s not perfect, and people are still needed to make sure it’s working properly.
4. How does Roots Automation help insurers streamline claims processing using unstructured data?
Our platform helps insurance companies streamline claims processing by using AI to read and understand unstructured data in emails, attachments, scanned mail like medical reports and legal correspondence. Once the data is identified, the AI can set up claims, summarize claim activity, and alert adjusters to actions they need to consider things that humans often miss but drive leakage.
5. What measurable impacts has Roots Automation delivered in insurance operations?
Roots Automation has helped insurance companies achieve meaningful improvements in claims processing, submissions handling, and mailroom indexing. Customers have reported an 80% reduction in manual effort in claims management, a 25% reduction in workload during busy periods, and a 90% capacity boost for claims teams. This translates to significant cost savings, faster processing times, more satisfied customers, and happier employees who can focus on more complex tasks rather than tedious data entry.
