Roots Automation Releases Whitepaper on Unstructured Data Challenges and Opportunities for Insurers [Yahoo! Finance]
SWISS RE LTD S/ADR (SSREY)
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Source: Yahoo! Finance
NEW YORK Nov. 18, 2024 /PRNewswire/ -- Roots Automation , creator of the AI-powered Digital Coworker and InsurGPT™ , the world's first generative AI model for insurance, today announced the availability of a new whitepaper, "Solving the Insurance Industry's Unstructured Data Challenge with AI." The whitepaper, being released at Guidewire Connections 2024 , provides an overview of the challenges and opportunities available to insurance leaders seeking to transform unstructured natural-language data - which constitutes around 80% of all data across insurance according to Accenture - into structured, machine-readable "decision data." Revenue leakage due to inefficient underwriting and claims represents significant loss for insurers. According to AM Best , in 2023, Property and Casualty underwriting losses totaled over $21 billion . One of the main drivers of this lost value is insurers' inability to easily and effectively transform unstructured data into structured data for informing
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