As insurance investment teams address mounting industry challenges like talent shortages and regulatory requirements, many are turning to artificial intelligence (AI) to improve operational processes and deliver ROI. We’ve already covered how machine learning, intelligent process automation and predictive analytics can solve bottlenecks by automating repetitive tasks and outdated processes. Next on our list of AI technologies, insurers and asset managers can benefit from natural language processing (NLP). NLP can read and understand written language that is presented in unstructured or semi-structured formats, and extract information and draw connections based on the use of words. These four technologies work together to automate middle and back-office processes so your team members can focus on their most valuable functions.
When NLP is applied to event notice processing, optical scanning recognition (OCR) parses and extracts data from non-standardized event notices. OCR and NLP work together to turn non-standard documents like PDF files and faxes into machine-readable data. Applying automation to these processes eliminates significant human effort and intervention. For trade affirmations and confirmations, NLP and OCR can be used to read and parse manual trade tickets for complex OTC transactions.
SS&C’s advanced technology solutions and insurance servicing expertise can address operational challenges head-on. Adopting modern, cloud-based, AI-powered platforms such as SS&C Singularity will facilitate significant operational benefits, improved profitability and reduced operational risk.