Union Insurance Develops AI empowered Motor System
First insurance company to offer Artificial Intelligence Technology to issue motor policy in less than one minute
(Dubai, UAE- 10 December 2018) - Union Insurance Company, a leading provider of customer-focused insurance products to individuals and corporations in the Middle East, has developed an artificial intelligence system to issue motor policies in less than one-minute for the first time in the UAE.
Available 24/7 on the company’s website and enabled by Natural Language Processing (NLP) technology, the innovative system extracts data from uploaded documents allowing for a seamless automated issuance of motor policies that eliminates approval time and human error.
Abdul Muttaleb Al Jaedi, Managing Director and Chief Executive Officer, Union Insurance Company, said, “The AI-Empowered system is the first in the UAE insurance market and is considered to be a major milestone in realizing our digitalization strategy that aims to further improve our operations efficiency and personalize customer experience.”
Customers will simply upload only two documents; the image recognition smart system will read the data within seconds to provide a full summary of both driver’s and vehicle’s details. Customers then select their preferred choice of cover, optional additional benefits and are finally directed to safe secure payment gateway. The less than one-minute process ends with the policy being emailed to the customer.
Anshul Srivastav, Chief Information Officer, Union Insurance company, said, “We have taken a number of key steps to enable Artificial Intelligence for all our businesses as it drives customer engagement to a whole new level by using analytics to anticipate their needs in real time.”
Union Insurance plans to offer more AI-enabled digital services for all lines of business and in other languages as well.
About Union Insurance
Union Insurance is licensed by the UAE Insurance Authority and listed on the Abu Dhabi Securities Exchange, and has its corporate office in Dubai. It was established in 1998 with paid-up capital of over AED 330 million. The company provides a comprehensive range of retail and commercial insurance products to clients in the UAE and the Middle East region. (www.unioninsurance.ae)