AI takes over claims processing for insurance companies

DGTAL is a joint venture between Gossmann & Cie and the Swiss fintech company Deon Digital. The company's portfolio includes the Driller software, which is designed to simplify claims processing in the insurance industry. The software-as-a-service (SaaS) solution digitizes and automates back-office processes for claims processing at insurers. Driller is available via a platform and allows insurers to evaluate structured and unstructured data and gain an overview of their claims portfolio.

The insurance industry relies heavily on the human factor to understand, evaluate and utilize the information contained in a large volume of documents. Only a very small percentage of unstructured data is available in structured form, and recent developments in artificial intelligence such as GPT and other large language models (LLLM) make it possible to understand and process unstructured data more quickly.

According to the company, the software was developed in-house and is capable of understanding the context of insurance-related documents quickly and effectively. Machine learning was used to train the software with millions of documents to create a semantic database for insurance.

The software is said to use a Large Language Model (LLM) to understand human language. Within seconds, Driller is thus said to offer a 360-degree view of data and its relevance, according to marketing promises. AI can also drastically change the insurance industry.

According to an article by AssCompact, the AI-based software is said to have already shown good results in the property and health insurance lines and is being used by an insurer and a managing general agent (MGA). DGTAL expects an order volume of around €2 million in 2023 and a further ten customers are expected to be enabled for the software in the first half of 2023.

The development of AI-based claims processing applications is a major step towards efficiency and automation for the insurance industry. Using AI can save time and money and make claims processing faster and more effective for customers. DGTAL is leading this development and demonstrating that the future of the insurance industry is based on AI-based technologies.