Artificial Intelligence is once again the undisputed protagonist of Digital Transformation in many sectors, including the insurance sector.
SII Concatel joins the OXILATE revolution: Collective Intelligence, Knowledge Graphs and Machine Learning
The Oxilate Project (Operational eXcellence by Integrating Learned information into Actionable Expertise – ITEA 3) is a European Project dedicated to R & D & I that seeks to create an intelligent assistant that provides insurance agents with the ability to take strategic decisions in real time about the kind of customer they have, or competitors meaningful data.
On the one hand, Collective Intelligence allows combining the power of human capital with the automation capabilities of software, through knowledge transferring techniques, combining Knowledge Graphs and Artificial Intelligence. Thus, together, humans and bots, work cooperatively to reach the main sector challenges.
SII Concatel, among other technology companies, is working to carry out this project, contributing with its know-how in the automation of processes and Artificial Intelligence applied to the business. Thus, the main function and the challenge we face as a company is to provide, through research and development, intelligent and adaptable IT solutions.
Insurance industry and challenges
Today, insurers face a market where customers have a lot of information and seek to optimize their time and money. They also seek faster answers to their needs, more transparency and the development of tailor-made products.
Demands that, on the other hand, are increasingly difficult to face successfully, because today, more than 25% of the workforce in the sector is retiring, and with them, the knowledge and experience acquired. According to The Bureau of Labor Statistics, less than a third of the people who work in the insurance industry are under the age of 35.
To satisfy these new needs, the sector sees technology as its main ally and the element that will allow it to rachieve these challenges.
Although this sector has been one of the latest to make its way into the digital world, it has done it so giving way to the Insurtech phenomenon, a phenomenon that applies, through technology and Intelligence Artificial, improvements in the business model of insurers.