DGTAL Driller: the path to automatized claims handling and transformation
Claims handling is THE moment of truth for clients and at the same time one of the key cost drivers and pain points of insurers today. Many insurers still use manual processing of unstructured information and rely on the input and experience of human claims agents.
Moreover, there is a great unexploited asset in claims handling that insurers have: data. These extensive data lakes have been built up over multiple decades, yet many insurers are not able to exploit them in meaningful ways. This data ‘treasure’ often remains untapped, where AI would be able to deliver significant value and unlock higher profit margins. Even minor process improvements in claims could result in substantial cost reductions, as almost 80% of insurance premiums are spend on claims handling.
DGTAL taps into this opportunity by offering a Software-as-a-Service platform for insurers in Europe that enables them to leverage their data and take advantage of processing power improvements combined with Data and AI. Resulting in an in-depth insight in their claims portfolios and fully automated and digital claims management.
How does it work?
DGTAL’s solutions target multiple players in the industry: risk carriers, claims handlers, MGA, brokers, auditors, and legacy acquirers. In 2022 it has launched its first solution, DRILLER, after almost two years of research development and testing. DRILLER extracts data from unstructured information in claims documents and analyses large chunks of insurance data like complete claims portfolios. DRILLER converts the full content of claims files into a format that the machine can not only read but can also understand and provide context to. That way the machine is able to find claims anomalies, suspicious cases, derive qualitative insights from historic claims performance, re-assess and predict reserves, automate input management, etcetera. DRILLER allows insurers to continuously improve input management, cost, time and performance and derive insights and analysis of their complete claims portfolio in a matter of days.
The platform’s AI and Machine Learning optimize the claims handling process. With this the machine indexes and categorizes claims, provides answers to queries, and makes reservation forecasts based on similar past events and characteristics. Humans supervise the information, get fast insights and decision making and, in the end, do what they do best: offer clients the best possible claims settlement journey. This way insurers protect their capital, save time and costs and keep clients satisfied. The platform is integrated easily and supports any digital transformation journey, to becoming data intelligence driven.
The DGTAL platform can be used on portfolio level to get valuable and actionable insights analyzing data to detect under- or over-reserved claims, automated portfolio valuation, and portfolio patterns for actuarial analysis or underwriting. It can also be used on a case-by- case basis for continuous forecasting by trained AI models on incoming information during the claims handling process.
Why was DGTAL selected for DIA Amsterdam 2022?
DGTAL’s solutions allow insurers to get insight into their whole claims portfolio and derive cost and capital efficiency gains in claims handling. It allows insurers to have a complete overview and predict more accurately how their claims will evolve in the future, enabling them to act on this insight before any unpleasant surprises hit them.
At DIA Amsterdam Arndt Gossmann, Co-founder & CEO, Vanda Giannara Chief Client Officer and Jean-Luc Bourquin, Head of Product, will illustrate how the smart combination of AI Models, especially in the field of Natural Language Processing, can bring efficiencies to the highly labor-intense field of claims management. They are experts in their domain and combine profound insurance industry knowledge with the latest developments in AI and software development.
Who is DGTAL?
DGTAL was founded in 2019 by senior executives from banking, insurance, software- and data engineering, Florian Herzog PhD., Dirk Sebald and Arndt Gossmann, following a joint venture of Deon Digital AG and Gossmann & Cie Gmbh. This combination enabled them to build large pools of smart insurance data and train AI models to fully automate claims handling.
DGTAL targets all European markets and currently has clients in the UK, Germany and Greece. The company’s current hubs are in Copenhagen, Hamburg and Zürich, while the Software-as-a- Service-campus is being set up in Athens.
” We aim to bring Silicon-Valley-like economies of scale to claims management by enabling insurers to DRILL down their data treasure, act on the insights and automate the claims settlement journey”Arndt Gossmann, Co-founder & CEO DGTAL