Singapore – Aiming to redefine the insurance industry with artificial intelligence, software development startup Novo AI has introduced its new solutions aimed at advancing operational efficiencies and profitability for insurance companies worldwide.
As a new system, Novo AI offers an AI-native framework designed to provide precise, accurate, and measurable results.
It further helps insurers significantly lower expenses by automating critical and labour-intensive processes of claim processing. This capability minimises administrative burdens, streamlines workflows, and enhances overall productivity.
Apart from increasing efficiency, the firm also created tools to mitigate medical inflation, reduce denial rates, and minimise payment delays for policyholders and partners. Automation of low value claims also optimises loss ratios and improves service delivery.
Lastly, it also aims to advance fraud detection, significantly reducing costs for insurance companies and improving premiums for consumers.
Gilbert Leung, founder at Novo AI, remarked, “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.”
Julien Condamines, chief strategy officer at Novo AI, further noted, “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. Optimising claims processing and regaining control on expenses can reduce already 10% overhead today. Imagine what we can do tomorrow.”
