Empowering Insurance: Microsoft 365 Copilot’s Journey in Revolutionizing Underwriting

Business operations, knowledge workers and customer service specialists in all industries are overly distracted by work full of finding forms, data prep, double-checking, and duplicate data entry. Productivity is often challenged based on pockets of redundancy, latency and follow-ups resulting in increased costs. For enterprises of all sizes, there is also the need to leverage many of the collaboration tools of Microsoft Office 365 for EXCEL, Word, PowerPoint, Teams, SharePoint, to meet production requirements. While the tools are industry standard and collaborative, they did not achieve optimized productivity, until now. Here comes Microsoft 365 Copilot, a transformative technology that revolutionizes how companies can operate.

Microsoft 365 Copilot leverages the power of Generative-AI across Microsoft Office components. It combines the power of large language models (LLMs) and an organization’s data seamlessly integrated into the flow of work to boost your productivity significantly. With Copilot, you remain in control of the data accessed and activities needed. You gain a “digital, virtual assistant to be more creative in Word, analytical in Excel, expressive in PowerPoint, productive in Outlook and collaborative in Teams.

Microsoft 365 Copilot Use for Various Verticals

The emergence of Microsoft Copilot marks a pivotal moment in the integration of artificial intelligence (AI) within diverse sectors, notably within Insurtech, Carriers, commercial real estate, credit unions, HR (Human Resources), healthcare, Insurance brokers and retail. These industries, characterized by complex procedures and voluminous documentation, stand to gain from leveraging Microsoft Copilot’s functionalities to streamline operations, enhance decision-making processes, and unlock valuable insights. Many of these organizations who are leveraging some of the Microsoft stack will upgrade to M365 office suite to be current and incorporate Microsoft’s improved security features. Now they can add M365 Copilot to their productivity tools.

Microsoft Copilot reduces operational burdens by automating tasks, optimizing workflows, and enabling faster, more accurate decisions. With advanced natural language processing and AI-driven data analysis, Copilot streamlines operations, minimizes errors, and enhances productivity, empowering teams to focus on delivering superior customer experiences.

Here are some examples of how Microsoft Copilot, as a GenAI tool, can revolutionize the Insurance domain:

• Efficient Task Management: Copilot can pre-process your EXCEL documents and prep them for use by knowledge workers whose time is critical for underwriting, pricing, loss run reviews and other EXCEL based activities. This frees up time for staff to focus on more critical activities like customer engagement, compliance, finance, and risk mitigation.
• Enhanced Customer Interaction: With its natural language processing capabilities, Copilot enables personalized interactions and responses to customer inquiries and emails, improving customer relations and fostering trust through integration with digital voice chats & chatbots.
• Streamlined Processing: Copilot accelerates transaction processing workflows by swiftly extracting essential information and providing accurate evaluations, resulting in faster resolutions and increased customer satisfaction. It can also quickly identify and recommend solutions for exception handling.
• Automated Comprehensive Risk Assessment: Leveraging AI-driven data analysis, Copilot facilitates thorough risk assessments, identifying potential risks and suggesting mitigation strategies crucial for pricing, marketing, sales, risk management, compliance, and other functions.
• Automated Workflow: By automating routine tasks, Copilot increases operational efficiency, reduces human errors, and ensures compliance with regulations, thereby improving overall productivity.
• Virtualized Knowledge Worker: Leveraging AI-driven insights, Copilot assists specialists such as new business specialists, underwriters, claims processors, customer onboarding, contracts, loan processors and others, in assessing risks more comprehensively, identifying opportunities, and suggesting appropriate strategies. This accelerates the data collection process for digital presentation to the knowledge worker and leads to more informed decisions.

Insurance Use Case: Analyze and Transform Loss Run data with Copilot in Excel

Background on Capabilities:

In Excel, Copilot for Microsoft 365 is your data analysis companion, making complex datasets easy to understand. You no longer need to master complicated formulas, just talk to Copilot like you would a colleague. Copilot can help you find patterns, explore ‘what-if’ scenarios, or get new formula suggestions. Explore your data without changing it, spot trends, create visuals, or get recommendations.
Begin Analysis

1. With Copilot in Excel, analyzing business data becomes a seamless experience. As soon as you input your datasets into Excel, Copilot stands ready to transform these complex figures into comprehensible insights. The Copilot pane is available within Excel.
2. In the prompt window, enter your analysis query. Copilot in Excel processes your request to uncover insights from your dataset.
3. You can look for outliers, correlations, and gain actionable insights for presentation

Beyond standard data analysis, Copilot can recognize the formats that vary by carriers and ensure a smooth transition from raw Excel data to meaningful information that can be used by an automated process or knowledge worker in making informed business decisions.

Transform your data

With Copilot in Excel, taking control of your data visualization and management is straightforward and intuitive. Copilot empowers you to not only clean and organize your data but also to enhance it. Copilot can create new columns, define conditions for data representation, and formulate graphs and summaries for a comprehensive view.

What Are Loss Runs?

Types of Business Insurance That Use Loss Run Reports:
• Workers’ Compensation: Loss runs help insurers understand a business’s workers’ comp claims history.
• Professional Liability: These reports provide insights into claims related to professional services.
• General Liability: Loss runs reveal past liability claims.
• Commercial Property: Insurers assess property-related claims.
• Business Owner’s Policy (BOP): BOP loss runs cover a combination of property and liability insurance

Loss runs are detailed reports generated by insurance carriers. In this example, these reports provide a snapshot of a commercial business’s past insurance claims. They include crucial information such as:

• Type of claim (e.g., property damage, bodily injury, etc.).
• The date when the claim occurred.
• The amount paid out by the insurance carrier for each claim.

For loss tuns you can explore various data transformation options as you try out different commands, such as:

• “Sort data by claim date.”
• “Create a pivot table where the row is product category, the column is claims, and the values represent the sum of the claims.”
• Use Copilot to craft other data representations that are both clear and precise, facilitating informed decision-making and identify errors or gaps in information.

Why Are Loss Runs Important for Automation?

• Eligibility and Rates: Insurance providers use loss runs to assess whether a business is eligible for coverage and to determine the appropriate premium rates.
• Risk Assessment: Underwriters analyze loss runs to evaluate a business’s risk profile. A company with a history of multiple losses or high-dollar claims may be considered riskier to insure.
• Improvement Tool: Business owners can also use loss runs to monitor their operations and safety practices, identifying areas for improvement.

Co-pilot can take the specific formats for each carrier, validate the completeness and accuracy of the data and summary data in the various needs of the carrier. Contact us to discuss a POC (proof of concept) around Loss-Runs or other Excel based processing you may need to automate.

Conclusion

While the technology is in its initial stages, GenAI is reshaping operational landscapes, with Microsoft 365 Copilot leading the charge alongside solutions like ChatGPT. Through GenAI’s capabilities, businesses can automate mundane tasks, optimize decision-making, and drive productivity. M365 Copilot is specifically tailored for small-medium sized businesses or enterprises deeply integrated into the Microsoft Stack. As a CSP reseller and implementation partner for Microsoft 365 Copilot, Quess GTS is your partner in charting your 2024 business trajectory with Microsoft and Quess GTS as your co-pilots. Discover how to unlock the full potential of M365 CoPilot, addressing current challenges and embracing the evolving work paradigm. Start with initial use cases but design your solutions with the enterprise in mind. Partner with Microsoft and Quess GTS as you GenAI copilots. Contact us for a demo and briefing of M365 Co-Pilot to meet your unique needs.