Breaking News
Arming the Underwriter | Manit Labs | ITC Vegas 2024
We travelled to ITC Vegas to uncover the forefront of innovation in insurance and weren’t disappointed.
In this insightful interview we spoke to Mikhail Grishin, CEO of Manit Labs, who let us know how AI is being used to revolutionise the underwriting profession.
Grishin also discusses their collaborative approach and the importance of data security, something they’re looking at closely. Hear about exciting plans for strategic expansion into Asia, and much more by heading to our website.
AI in Insurtech
In Grishin’s view artificial intelligence (AI) is a fundamental driver of change within the insurance industry. It’s popping up everywhere but Insurtech companies are increasingly adopting AI to optimise processes, enhance customer experiences, and streamline decision-making. AI’s applications span across underwriting, claims processing, and risk assessment, which traditionally have been time-consuming and resource-intensive. For Manit Labs, the emphasis lies on using AI to simplify and enhance processes across all operational levels.
Adoption of AI has also improved predictive accuracy for risk models, helping insurers offer more personalised and competitive products. Grishin highlights that understanding and implementing AI effectively is crucial, as it not only drives operational efficiency but also opens opportunities for deeper customer engagement. At Manit Labs, Grishin’s team is focused on building solutions that help insurers integrate AI seamlessly into their workflows.
Underwriters assisted
One of the flagship projects at Manit Labs, according to Grishin, is the “Dashboard for Underwriters.” This software solution is designed to simplify the workflow for underwriters, whose roles are essential but often encumbered by complex and repetitive tasks. The dashboard provides real-time tracking of key performance indicators (KPIs), enabling top management to monitor productivity and efficiency within underwriting teams.
With over ten companies already using this tool, Manit Labs is continuing to refine the dashboard with additional features, such as CrestaZone and risk accumulation modules. These new elements further support decision-making processes, allowing underwriters to evaluate risks and make quick, informed decisions, which is especially important in high-stakes insurance sectors like natural disaster and catastrophe coverage. By providing underwriters with the tools to evaluate risk comprehensively, Manit Labs is streamlining workflows and supporting companies in reducing claim times and operational costs.
Balancing Innovation with Data Security and Trust
As ever, the challenge with this new technology is data protection in the insurance industry, as insurers handle large volumes of sensitive personal and financial information. Grishin underscores that cybersecurity is a critical focus area for Manit Labs, which dedicates significant resources to building robust security infrastructures. Grishin refers to Manit Labs’ layered security framework designed to safeguard data across all client touchpoints, from customer onboarding to claims processing.
As data privacy regulations become more stringent globally, Insurtech companies like Manit Labs are investing in advanced security protocols and compliance measures to maintain client trust and comply with regulations.
Collaboration and Future Plans
Grishin describes Manit Labs as a collaborative entity in the Insurtech space, engaging with over ten partners in the insurance and technology sectors. This emphasis on partnerships aligns with an industry-wide trend toward ecosystems, where companies combine strengths to build comprehensive, innovative solutions. Through daily discussions with partners, Manit Labs works to accelerate product development and improve solution quality, a strategy that ultimately benefits both Manit Labs and its clients.
By sharing insights and co-developing technologies with other vendors, Manit Labs leverages its partners’ specialised knowledge to enhance its offerings. This collaborative approach reduces redundancies and fosters innovation in areas like AI, analytics, and cybersecurity. According to Grishin, working in close cooperation allows Manit Labs and its partners to drive growth as a unified force, prioritising the delivery of high-quality products that meet the market’s evolving needs.
Future Growth and Strategic Expansion
There is also discussion about what’s next for the company. Looking ahead, Manit Labs has set ambitious growth goals aimed at expanding its presence in the rapidly developing markets of Asia and the Middle East. Grishin acknowledges the unique opportunities these regions offer, especially regarding advanced technological expertise and robust market demand for digital insurance solutions. Manit Labs plans to strengthen its international reach by participating in industry conferences, partnering with regional experts, and fostering relationships with local companies. Grishin is optimistic that by tapping into the expertise and innovation capacity of these markets, Manit Labs will propel its growth and achieve a new level of success within the next two years.
In a field where customer expectations and technological capabilities are evolving quickly, Manit Labs’ forward-thinking approach, coupled with a commitment to security and collaboration, exemplifies the future of Insurtech innovation.
People In This Post
Companies In This Post
- Could BNPL Be the Future of German E-Commerce? | Riverty | Nexi Roadshow: Bits & Pretzels Munich Read more
- Climate Fintech Defies Tech Downturn as Female Founders Achieve Funding Parity Read more
- Singapore FinTech Festival 2024 Attracts 65,000 Participants Read more
- Obligo Names Fintech Risk Management Expert and Former PayPal, BlueVine Vet Gil Rosenthal as VP of Risk Read more
- Myanmar’s Wave Money Selects Amdocs to Digitally Transform and Enhance Financial Services Operations Read more