The insurance industry is one of the oldest industries - though it may seem like it's only gained popularity in recent years, the fact remains that the insurance industry has been around since the 17th century - at least in the United States. Though insurance used to be reserved for only the most wealthy citizens, it has grown to become all encompassing and has become integrated into society, such as buildings requiring fire insurance and public spaces requiring public liability. Personal insurance has gone on to include investment-linked plans in order to keep up with current markets but while insurance has grown along with the industry, providing more protection at more affordable rates, the concept is the same as it is today: Insurance provides protection.
Today, the industry has revamped to meet the industry and cultural standards of digitization, transparency, accessibility, and stellar service. Such evolution would not be possible without individuals like Bhanu Prakash Gurugubelli who actively work in order to revolutionize the digital transformation with automation, decreasing processing times for claims, submissions, underwriting, all the while reducing costs and increasing cost efficiency.
The AVP Intelligent Process Automation Infra Lead currently works under Chubb Insurance, arguably one of the world's largest publicly traded property and casualty insurance companies. On the surface, it might seem like what Bhanu is doing is superficial, but when you consider the fact that every catastrophe racks up billions in damages and how much insurance helps bolster the crisis by providing financial aid, you might begin to truly understand the importance of what Bhanu is doing.
"In just the first three quarters of 2022, reports estimated property loss and damages at around 24.3 billion," Bhanu recalls, citing that the claims that came pouring in were buried in sheer numbers, with automation, the numbers wouldn't have been a problem and there wouldn't have been a shortage of manpower, causing a lull in claims.
Without automation, the processing of insurance claims would be heavily delayed and the claimants would not be able to receive the support that they so desperately required, causing the already distressed people more stress and making their lives more difficult than it already is.
During hurricane Ida in 2021, Bhanu and his team were able to provide quick quotes and ingest new policies into the system, resulting in claims automations to process over 5000 claims a day. If automation had been in place when the pandemic hit, it might have made a difference in how the pandemic was handled. What Bhanu does is not something that only influences a small portion of people, but it may have global effects, if not national.
Being such a key figure in the insurance industry, Bhanu is instrumental in developing these key technologies that can revolutionize the way that insurance claims and policies are handled with Chubb Insurance and together, they are setting a new benchmark for how supportive and efficient insurance is. Gone are the days of outdated policies or delayed responses and payouts. With automation being the leading force in insurance, we should expect to see much more sophistication in the insurance industry in the coming years and solidifying its presence in society.
