Transform Insurance with AI-Driven Solutions from Nomad Data

Leverage AI to streamline operations, reduce costs, and drive smarter decision-making across underwriting, claims handling, risk management, and much more.

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Challenges Facing Insurance Companies

As the insurance industry faces rising customer expectations, complex regulations, and the pressure to improve efficiency, traditional methods are no longer enough. AI is here to transform the industry.

Key Challenges

Manual, time-consuming underwriting processes and claims handling.

Regulatory compliance risks in a rapidly evolving landscape.

Fraud detection and prevention challenges leading to financial losses.

Inefficient document review processes leading to costly errors.

Rising operational costs due to outdated systems and workflows.

Lack of data & data organization in the insurance setting.

How Nomad Data Helps Insurance Companies

Nomad Data’s can help insurers reduce operational costs and stay ahead. Our platform is built to address the most critical challenges insurance companies face today.

Insurance Use Cases

Risk Assessment: Utilize AI to enhance risk evaluation, leading to more accurate policy and underwriting decisions.
Streamlined Document Collection: Leverage AI to automate document gathering and data extraction for faster underwriting processes.
Expedite Claims Processing: Extract data from claims forms while automating triage and adjudication to reduce manual labor and improve processing speed.
Fraud Detection and Prevention: Mitigate financial losses with AI-driven solutions to detect and prevent fraudulent activities in real-time.
Regulatory Compliance: Proactively manage policies and regulatory changes with AI-driven monitoring and automated compliance checks.
Competitive Intelligence: Leverage AI to monitor competitors’ policies, pricing, and market trends for informed decision-making and better positioning.
Data Monetization: Unlock new revenue streams by utilizing Nomad Data’s platform to identify valuable internal data assets that can be commercialized. We connect insurers to buyers and use cases tailored to their internal data.

Key Features Tailored for Insurers

Our platform offers a range of features that enable insurers to optimize their workflows, improve decision-making, and reduce risk.

Third-Party Data Discovery

Identify novel, faster, or more cost-effective third-party data sources to enhance decision-making and improve underwriting and claims processes.

Centralize Data Knowledge

Solve data fragmentation by centralizing scattered data knowledge, reducing inefficiencies, and eliminating duplicate data purchases for better decision-making.

Document Chat for AI-Powered Underwriting

Automate document review, data extraction, and risk assessment to speed up underwriting. Enhance underwriting precision and accelerate decision-making.

Automate document review, data extraction, and risk

Claims Processing and Fraud Detection

Review claims data at scale, flag potential fraud, and support claims adjudication. Reduce fraud risks and streamline claims processing with AI-driven insights.

Automate document review, data extraction, and risk

Regulatory Compliance Automation

Monitor and update policies based on evolving regulations, ensuring compliance and reducing risk. Stay compliant effortlessly while reducing operational complexity.

Data Monetization

Anonymously connect with qualified data buyers interested in your data. Share details on your internal data assets for monetization, and we’ll introduce you to buyers with live, relevant needs. We can also analyze past anonymized data requests to guide you on which assets to prioritize.

Our Success Stories

Case Study

Nomad Data helped Intact Insurance streamline its underwriting process by quickly sourcing relevant datasets across various topics such as foot traffic, ESG factors, risk indicators, customer demographics, climate data, real estate trends, and economic forecasts. By submitting 13 data requests through the platform in a three-month period, Intact’s Actuarial Analyst received responses from qualified data vendors within hours, leading to valuable conversations and potential deals. The anonymity feature also enabled secure data exploration before disclosure. This case highlights Nomad Data’s ability to quickly connect insurers with tailored, high-quality external data sources to improve decision-making and reduce risk.

Provider Spotlight

Nomad Data has partnered with a leading US insurance company to offer first-party claims data that provides insights on vehicle, property, and work-related losses. This data helps insurers analyze trends in driver demographics, vehicle preferences, injury types, and loss causes to inform marketing, safety, and risk mitigation strategies. The dataset offers detailed reports that can guide insurers in improving underwriting and claims processes, ultimately helping them enhance operational efficiency and reduce claim processing times. By leveraging this data, insurers can also identify emerging risks and adjust their policies proactively to stay ahead of industry trends.

Testimonials

“Each time I submitted a new request I couldn’t believe how quickly I received responses from qualified data vendors, irrespective of the varied subject matter of my use cases. The capability to search a broad use case and receive differentiated context from a wide set of vendors helped me to narrow down exactly which data would best improve our underwriting performance.”

Senior Data Alliances and Innovation Manager at a State Farm subsidiary

“Really, really cool...I love it.”

Senior Data Alliances and Innovation Manager at a State Farm subsidiary