BAIS insurance technology is partnering with Sterling Insurance, which has used the iBAIS insurance platform for more than 15 years, to set up a Digital Laboratory to explore use of Artificial Intelligence (AI) and digital tools.
The new Digital Laboratory is designed to fast-track delivery of advanced technology to underwriting agencies, brokers, and the wider insurance industry. The close collaboration aims to enable a deeper understanding of core business processes on both sides.
“We want to be at the forefront of the emerging AI capability in Australia and the seven countries where we operate,” BAIS CEO David Hampton said.
“We all know about the acute shortage of human resources and the price tag associated. BAIS is committed to tackling this issue for customers.”
BAIS is currently working on iBAIS 3.0, an update to its current insurance system, which Mr Hampton says will deliver “high quality outcomes, fast and reliable processes, built on tried and tested technology that is supported by experienced Australian insurance and IT professionals”.
Sterling Director Tony Parington says the partnership with BAIS will “give us a first-mover advantage in deploying some of these new tools, with the added benefit of knowing that they have been tried and tested within our operations”.
Working closely with BAIS will uncover solutions which can automate and enhance current practices, he says.
“This will allow us to exploit the quality and quantity of data we have in the iBAIS platform, meaning we can deliver faster and more accurate quotes and closures,” Mr Parington said.