Automated bot and artificial intelligence (AI) technology is reducing renewal processing times at Dawes Motor Insurance (“Dawes”).

Dawes motor team leader Stephen Macri says the use of bot technology (which began in early 2020), means the underwriter has been able to improve the services it provides to brokers.

“Administration tasks took time away from underwriters. This included responding to brokers’ emails and enquiries, answering phone calls, appraising new business quotes and responding to requests within service standards, and providing brokers with the prompt level of service they’ve come to expect from Dawes,” he says.

How the process works 

So far, the bot is only being used to prepare renewals. It cross checks information and searches for claims across multiple platforms, collating all the data needed for an underwriter to assess a renewal.

“It prepares all of the renewal information for the underwriter who then ensures the bot has done its job correctly. We still take a hands-on approach to the actual underwriting - assessing the risk and working out if it's a renewal that we can offer,” Stephen explains.

Once the underwriter has determined the terms of insurance, the bot comes into play again, by sending out emails related to the renewal, and managing the workflow through to binding and closing, which is also automated.

What are the key benefits of AI for brokers? 

Stephen says that with significant growth in its classic and prestige motor and motorcycle insurance book, the use of insurtech enables Dawes to provide the same level of service – or better, to brokers – despite the higher volumes of business.

“From an efficiency perspective, we found that the bot can actually do these tasks faster than a human, and they have the added ability to work around the clock,” he adds. “They also remove the potential for human error, resulting in fewer compliance breaches.”

Future applications for AI technology in the insurance process

Stephen says there is potential for AI to be used in other parts of the insurance process, such as for policy adjustments, including adding drivers to policies or registration changes, if requests received by Dawes can be standardised.

“AI has some difficulty with handwritten forms and with email, certain keywords need to be used to enable it to scan relevant emails,” he explains.

However, a second bot may soon be added to the renewal system to facilitate further business growth, as the current one is reaching the limit of what it is able to process.

First class insurance with Dawes 

With Dawes’s expertise, your client’s prestige, classic and exotic cars and motorcycles are always in experienced hands. Visit our website or call us on 1300 188 299 to learn more about our specialised insurance.

Disclaimer:
Dawes Underwriting Australia Pty Ltd t/as Dawes Motor Insurance (an AR of SGUAS Pty Ltd) acts for the insurer, Allianz Australia Insurance Limited. Consider the relevant Product Disclosure Statement and Target Market Determination available by contacting Dawes or visiting www.dawes.com.au, before deciding if it is right for you.