Insurity and OIP Robotics Join Forces to Revolutionize Data Processing in Insurance
HARTFORD, Conn., March 19, 2024 -- Insurity, a leading provider of cloud software for insurance carriers, brokers, and MGAs, announced today that it has partnered with OIP Robotics (OIPR). Insurtech data and software solutions lab, to revolutionize data usage in P&C insurance. This collaboration is set to bring unparalleled automation capabilities to system lifecycle management and transform traditional data management methods, resulting in increased operational efficiencies and reduced costs for insurance organizations.
By integrating OIPR’s new AI capabilities into insurance’s advanced SaaS offering, insurance customers benefit from a streamlined workflow with a single document entry that feeds the entire insurance product suite for maximizing sharing automation and reuse. This service improves business processes and significantly reduces the risk of claims related to data entry errors, thereby protecting customer interest hours before delivery ends in minutes in some of them, reducing data entry errors from an error rate of 4% to less than 1%.
Additionally, this partnership addresses the insurance industry’s longstanding challenges with a lack of standards and unstructured documentation. By seamlessly integrating AI into SaaS solutions, Insurance and OIPR break down the more complex barriers often associated with implementing AI in the insurance industry. This enables more efficient and economical use of AI technology, allowing insurers to focus more on their core functions such as underwriting, risk management, and cash management.
About Insurity
It is the first insurer to offer cloud-based software to insurers, brokers, and MGAs. Insurance ranks 22 of the top 25 P&C carriers and 7 of the top 10 MGAs in the US and there are more than 400 cloud-based deployments. With its best-in-class digital platform, unparalleled industry experience, and the industry’s most robust analytics offering, Insurity is uniquely positioned to deliver exceptional value, allowing clients to focus on their businesses, especially for better performance, best policyholder providing, and enabling experience. Insurance is a portfolio company owned by GI Partners and TA Associates. For more information, visit www.insurity.com.
About OIP Robotics
OIP Robotics is an InsurTech data and software solutions lab, whose main offering is a flagship product called the NT Extractor. This advanced solution combines AI-enabled sophisticated documentation understanding with the expertise of experienced insurance professionals to ensure seamless data flow throughout the lifecycle of the system. Having been in business for over 11 years, OIPR has established itself as a trusted partner to over 120 clients including carriers, MGA/MGUs, and merchants. OIPR specializes in PolicyOps which is hard along with documents understanding solutions.
Conclusion: The collaboration between Insurance and OIP Robotics represents an important milestone in the development of data processing technology in the insurance industry. By harnessing the potential of robotic automation, insurance companies can open new opportunities for growth, innovation, and competitive advantage in an increasingly digital world.