1.
Harnessing the power of
AI and ML in Insurance Software solutions
Damco Solutions

2.
Table of Contents
1 Introduction
AI-ML in Insurance Industry
 Claims Management
 Lead Management
 Underwriting
 Virtual Assistants
Conclusion
2
3

3.
 According to a recent study, more
than 80% of insurers emphasized
that AI was already a part of their
business model or would be within
the next three years.
 Damco’s 2020 Technology
Leadership Study, states that 21%
of the CTOs chose Artificial
Intelligence (AI) and Machine
Learning (ML) as their business
priority for the year 2020.
Introduction
Copyright©2020 Damco Group. All Rights Reserved.
30%
25%
21%
24%
Internet of Things (IoT) Robotic Process
Automation (RPA)
Blockchain Artificial Intelligence
and Machine Learning
Source : Damco 2020 Technology Leadership Study

4.
AI-ML in Insurance Industry
Copyright©2020 Damco Group. All Rights Reserved.
Claims
Management
Lead
Management
Underwriting Virtual
Assistants
As the AI-ML continues to boom in demand by all the competing insurers, let us
explore the use-cases that act as proof for AI-ML to be a substantial base of
technology growth in the insurance landscape.

5.
Claims Management
Insurance software reduces the
scope of human error by
automating fraud detection audits
and providing innovative solutions
like speech-based claims
processing making documentation
easier and more efficient.
Copyright©2020 Damco Group. All Rights Reserved.

6.
Lead Management
The insurance agency software
drives personalized marketing which
is possible by AI-driven inputs. One
can rely on its automated product
recommendations and natural
language question-answering with
the potential to lead prospects into
customers.
Copyright©2020 Damco Group. All Rights Reserved.

7.
Copyright©2020 Damco Group. All Rights Reserved.
The automated demand forecasting
and resource- management presents
a win-win for insurance organizations
with AI extracting meaningful insights
from multiple data sources and
guiding the insurer to make decisions
especially in the risk analysis of
underwriting.
Underwriting
Copyright©2020 Damco Group. All Rights Reserved.

8.
Copyright©2020 Damco Group. All Rights Reserved.
Virtual Assistants
The chat-bots leverages user data
and contextual data from multiple
sources to timely resolve customers
queries and helps in maintaining a
consistent brand experience by
enhancing every customer
experience.
Copyright©2020 Damco Group. All Rights Reserved.

9.
Copyright©2020 Damco Group. All Rights Reserved.
Conclusion
Copyright©2020 Damco Group. All Rights Reserved.
The path to digitalization is a value-preposition for the
current scenario of remote working and the touch of AI-ML
makes the insurance software sparkle in the crowd of
competing insurers hungry for recovery and balancing of
heavy claims management.

10.
THANK YOU
KNOW MORE
CLICK HERE