Novo AI to Cut Costs and Boost Efficiency For Insurance Companies
SINGAPORE, Aug. 14, 2024 /PRNewswire/ -- Novo AI, founded by ex-Googlers and backed by First Round Capital, is revolutionizing the insurance industry with advanced generative AI technology. Their innovative solution is set to redefine operational efficiencies and profitability for insurance companies worldwide.
Enhancing Efficiency and Reducing Costs
An AI-native system designed to deliver precise, accurate and measurable results.
By automating the crucial yet labor-intensive task of claim-processing, Novo AI significantly cuts expenses for the insurer, dramatically reducing administrative burdens, streamlining workflows and enhancing productivity. A recent project with April Insurance recorded up to 70% increase in productivity and 15% reduction in operational costs.
Gilbert Leung, Founder at Novo AI, explains:
"Two years ago, artificial intelligence stumbled over basic reading tasks that even children could easily handle. Today, AI systems can comprehend with a depth and speed that surpasses human expertise. This leap is reshaping the insurance industry and dramatically improving their bottom line."
Health insurance, crucial for consumers and complex for insurers, is one of the sectors Novo AI is transforming. Beyond increasing efficiency, they developed tools to hedge against medical inflation, reduce denial rates and minimize payment delays for policyholders and partners. Automation of low-value claims optimizes loss ratios and improves service delivery.
Julien Condamines, Chief Strategy Officer at Novo AI, notes:
"With a surge of claims payment of 20.5% and premium prices that can't follow the same trends in a recession, we see this as a huge gap that needs to be closed. Optimizing claims processing and regaining control on expenses can reduce already 10% overhead today. Imagine what we can do tomorrow."
Advancing Fraud Detection
For those who don't know, fraud is one of the top problems for insurance players.
And this is the latest layer to Novo AI's InsurTech solution.
Imagine a team of infinitely scalable medical staff dedicated to spotting abuse 24/7, providing a level of knowhow and security previously unattainable. This reduces costs for insurance companies and improves premiums for consumers. While details are still under wraps, this is hinted to be Novo AI's next breakthrough.
As Jack Welch once said, "When the rate of change outside exceeds the rate of change inside, the end is in sight." In an industry as old as insurance, success hinges on who can embrace change faster than the competition.
For more info, visit Novo AI.
SOURCE Novo AI
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