Empowering Insurance Companies to Harness the Power of AI

At Northeastern University, we partner with businesses across industries, including insurance, to harness predictive and generative AI for transformative growth and operational efficiencies. Our expert teams help insurance companies at every stage of their AI journey – from organizing and analyzing data to identifying high-impact AI applications, co-developing responsible solutions, and equipping teams with essential AI skills.

Our goal is to lead insurance partners through a responsible digital transformation, helping them maximize the impact and value of their AI investments.

From Identification to Implementation: Tailored AI Solutions for Insurance Partners 

We offer customized solutions to meet each phase of an insurance company’s AI implementation:

• Our Data Opportunity Roadmap (DOR) helps companies identify and measure the ROI of various AI projects based on their unique data sets and organizational processes. We also scope the work for the top opportunities selected by partners.
  
• Our Responsible AI Practice provides critical support to insurance companies in navigating the complex ethical and legal challenges associated with AI technologies, helping insurance organizations adopt AI responsibly and sustainably.

After pinpointing the most promising AI initiatives, our world-class team of AI industry leaders collaborates with insurance companies to develop customized solutions, including:

• Underwriting and pricing optimization
• Risk modeling and scenario analysis
• Fraud detection
• Document capture and processing
• Back-office process efficiencies
• Responsible AI assessments, strategies, blueprints, and more 
• Customized upskilling and technical enablement
• AI strategy formulation for leadership and business teams

With our collaborative, experiential approach, we ensure each solution aligns with our partners' strategic goals, operational needs, and commitment to responsible AI practices. Through our tailored expertise, we empower insurance leaders to drive meaningful, sustainable impact across their organizations.

Real-World Impact: Discovering New Data Opportunities 

In one collaboration with an insurance company, our Data Opportunities Roadmap identified over 30 potential data and technology opportunities, including:

1. Risk Forecasting Tool for Policyholder Insurance Audits - This AI-powered tool was designed to predict the risks associated with a policyholder’s insurance audit.

2. Claims Complexity Scoring System - By analyzing historical claims data, this system was designed to predict the complexity of claims, helping the company route them to the most appropriate agents.

3. Loss Control Incident Analysis and Recommendation Engine - This solution empowered the company's loss control consultants to conduct thorough incident analyses and generate recommendations for improving safety.

In a separate project with Sun Life’s FullscopeRMS, our AI solutions team built a claims processing tool that analyzes language to flag inconsistencies between unstructured data and disability claims, allowing case managers to focus on claims of interest. This solution reduced costs significantly in its first year of implementation by creating new operational efficiencies while maintaining a critical human-in-the-loop element. Human-centric AI is what our institute refers to as “experiential AI.”

“Other potential projects could equate to very sizable returns on investment,” former FullscopeRMS director and associate actuary David Messinger says. “It’s not hard when you scale something over the course of a large or mid-sized insurance company to find millions of dollars of value, just by automating a few small steps.”

Workforce Upskilling for Sustainable AI Integration

Northeastern University recognizes technology is only part of the solution—people are crucial to its success. For FullscopeRMS, leaders from Northeastern University provided a practicum course, where employees learned how to use AI tools to automate and scale data processing.

Northeastern University offers a robust selection of technical courses designed to upskill employees in the rapidly evolving field of AI. Our curriculum includes cutting-edge topics such as prompt engineering, building RAG-based question/answer systems, MLOps, constructing and deploying machine learning pipelines in the cloud, and specialized courses in natural language processing (NLP) and large language model (LLM) fine-tuning.

Our partnerships also provide access to world-class Northeastern graduate students, postdocs, and researchers. By helping insurance companies recruit top talent and upskill their workforce, we ensure they’re prepared to embrace AI-driven transformation and make the most of new tools and workflows.

‍Partnerships Designed for Impact

AI holds the potential to transform insurance operations at every level. We have already seen AI projects deliver both efficiency and enhanced customer experience. With a focused, ROI-driven approach to AI adoption, Northeastern experts guide and ensure insurance partners thrive through an increasingly digital landscape.

Learn how we can help your insurance company harness the power of AI to improve operational efficiency, enhance customer relationships, and drive growth.