Engineering Manager
The democratisation of ChatGPT has boosted the use of artificial intelligence (AI), leading companies from different industries through new paths and making them rethink their operations. While we prepare to explore this unknown path, we are aware of the challenges that lie ahead, but also excited about the possibilities and opportunities that may arise.
In the context of insurance companies, the digitalisation of information systems is a fundamental step. The need to adapt to market changes, the clients’ expectations and the demand for flexibility require a permanent commitment to exploring and experiencing new approaches, while aiming at contributing to an increase in productivity, an improvement in operational efficiency and the customisation of the clients’ experience.
The fields of opportunity are broad. We would like to particularly highlight the transformation in the software engineering field, in which assistants provide suggestions and code reviews, contributing to an increase in productivity and improving the quality, performance and security of the applications. Other relevant field is that of assistants capable of interacting with companies’ local information, fostering a consistent and centralised knowledge base, which allows accelerating the staff’s learning curve and increasing the productivity.
An emerging field for AI implementation is claims management, in which we observe various use cases, as well as a potential to increase the automation level of the assessment process, manage the complaint process more efficiently and automatically generate customised letters according to the context.
Despite the promising opportunities, we cannot ignore the challenges and risks associated with adopting AI. Training models with companies’ specific data, complying with the regulation, ensuring the security and privacy of the data, and mitigating potential biases are just some of the issues to tackle. We would also like to highlight the challenge of dealing with the quality and integrity of the used data, since the accuracy and reliability of the information is vital to the successful use of AI.
As we explore this path, we believe we are ready to face these challenges and explore different opportunities. We are determined to integrate the power of artificial intelligence to boost the innovation and incorporate improvements from AI, while ensuring they address real business challenges.
Agile digitalisation of the insurance processes There has been much talk about digitalisation in insurance companies, particularly focused on business processes as underwriting or claim management. But how easy is the digitalisation process? And yet, is permanent and agile evolution of the digitalisation possible?
After World War 2, the social security system expanded significantly. In 1962, the Caixa Nacional de Pensões (National Pension Fund) was established, and in 1972, there was a pension reform that unified various social protection regimes. Between 1980 and 1990, the first funds created by large companies and financial institutions began to emerge. Currently, due to population aging and high pressure on public finances, there is a trend toward adjusting retirement age and benefit amounts. Pension funds, in terms of contributions from both companies and individuals, are a good investment solution to prepare for a more stable financial future.
The democratisation of ChatGPT has boosted the use of artificial intelligence (AI), leading companies from different industries through new paths and making them rethink their operations. While we prepare to explore this unknown path, we are aware of the challenges that lie ahead, but also excited about the possibilities and opportunities that may arise.
The insurance market is a highly regulated and supervised industry. Legal, standard, and regulatory changes, such as IFRS, GDPR, DMIS, SAF-T, among others, have become more frequent and complex. Cleva needs to pay close attention to these requirements, both in their identification and interpretation, as well as regarding the solutions provided to clients.
In a world of constant technological evolution, insurers face the challenge of keeping up to date to meet the increasingly specific needs of their clients and remain competitive. This updating is based on several pillars, one of the main ones being the architecture of computer systems, which can either favour or hinder technological transformation. In this article we explore how the modernisation of this architecture can create opportunities for innovation and efficiency within insurance companies, while identifying some of the challenges related with legacy systems.
Cleva is committed to the development of core solutions that boost the digital transformation of the insurance industry through a comprehensive and integrated platform with a complete functional range from managing policies to risk assessment and customer service.