The Potential Impact of AI on Insurance | Majesco | ITC Vegas 2024

This is the potential impact of AI on the insurance industry.

At ITC Vegas 2024 we spoke to Manish Shah and Denise Garth from Majesco to find out how AI is revolutionising insurance operations. This emerging technology could hold the key to many of the challenges faced by insurers today. 

Their Majesco Copilot platform is delivered with the intention of boosting productivity, reducing operational costs and enhancing customer experience. In our latest interview, they take us through some of the results. 

In this video we find out: 

• How much processes could be streamlined.
• The insurance industry’s focus on implementing AI.
• The impact AI will have on Insurance. 

And much more…

Revolutionizing Productivity with Embedded Intelligence

At the core of Majesco Copilot is how it integrates advanced Generative AI models into the insurer’s workflow. Manish Shah, Majesco’s President and Chief Product Officer, explained that the platform doesn’t just provide intelligence but applies it directly to high-frequency tasks such as policy servicing and claims processing. By leveraging AI, Majesco Copilot enhances the speed, accuracy, and quality of these operations. The focus is on simplifying complex insurance processes, allowing even less-experienced users to navigate systems with ease, thanks to natural language processing (NLP) and multimodal capabilities like voice and vision recognition.

The idea is that all this also flattens the learning curve for new employees by enabling them to complete tasks through intuitive interactions, significantly reducing onboarding time.

Tangible ROI: Time and Cost Savings

Of course, any insurer will think ‘this is great, but what’s my return on investment?’ Fortunately, they have a lot to show for this. The platform’s early results show dramatic improvements in productivity, with tasks such as claims processing experiencing up to a 93% reduction in setup time and an 80-90% boost in operational efficiency across policy, billing, and claims processes.

According to Shah, these results stem from Majesco’s strategic prioritization of high-frequency tasks where automation and intelligence can deliver compounding benefits. For customers, the impact is not just in the numbers but also in daily workflows—over 84% of users report using Copilot daily, with 70% saying they can’t imagine going back to previous systems. It makes for a pretty good testimonial!

Addressing Industry Challenges

Chief Strategy Officer, Denise Garth, emphasized how their work aligns with insurers’ strategic priorities, including operational cost reduction and innovation. Insurance workflows remain inherently complex due to regulatory requirements, so a human is still needed in the loop. AI serves as an “augmented intelligence” tool rather than a replacement for human expertise. By tailoring machine learning models to the insurance industry, Copilot provides actionable insights while maintaining the human element in decision-making.

This approach is critical in an industry facing a workforce shift. After all, insurance has an aging population. Up to 50% of insurance professionals are expected to retire by 2030. Copilot’s ability to accelerate learning and maintain consistent service quality ensures that insurers can adapt to these demographic changes without compromising customer trust.

Enhancing Customer Experience and Competitive Edge

Beyond operational efficiencies, Majesco Copilot has transformative implications for customer experience too. In areas like claims handling—the “moment of truth” for insurers—Copilot equips front-line employees to respond quickly, accurately, and empathetically.

By reducing unit costs for underwriting, policy servicing, and claims, insurers can adjust pricing models to also remain competitive in the marketplace. Additionally, advancements in analytics contribute to improved financial outcomes, as highlighted by AM Best’s research linking technology investments with better loss-cost ratios and innovation scores.

The Future of AI in Insurance

We’re all keen to know what the future of this industry will look like, and you can read more in our most recent issue of The Insurtech Magazine. On the role AI will play, Shah and Garth are pretty clear and they want to be involved. As generative AI capabilities evolve, Majesco Copilot is poised to become an indispensable tool in insurers’ arsenals, transforming how they operate and engage with customers. The high adoption rate of Copilot signals a broader trend: AI-driven tools are no longer optional but essential for staying competitive in an increasingly complex and customer-focused market.

You can watch more of our interviews from ITC Vegas, discovering what the future of insurance looks like, right here on our website.