Leading the Next Generation of Innovation: The Future of AI in Insurance

Attending industry conferences is always energizing—not only for reconnecting with colleagues and exploring fresh ideas, but also for witnessing the latest advancements firsthand. Recently, there’s been a strong focus on improving accuracy metrics, with companies highlighting near-perfect accuracy. There’s also an emphasis on the time-saving benefits of AI-driven sorting and summarizing of medical records, which is being positioned as a transformative step forward from traditional manual reviews.

While these advancements are significant, what's the real future of AI in insurance, and where is the next leap forward? In this blog, I’ll walk you through the next evolution of AI in insurance and how it’s poised to transform the industry in ways we’ve never seen before.

The Impact of AI in Insurance

It’s no secret that AI is revolutionizing insurance. Medical record reviews are faster, more accurate, and higher in quality. Just look at the numbers: in 2024, 77% of insurers are at some stage of adopting AI—a 16 percentage point increase from 2023, according to a 2024 Conning survey. The value of AI is clear to most insurers, though variability remains across sectors. While Life insurance has widely embraced AI-driven medical record reviews, the P&C market is just beginning to catch up.

From Summarization to Actionable Insights

For decades, the summarization of medical records has been central to insurance processes, often managed by third-party vendors or in-house teams. But the future of AI in insurance goes beyond summarization. It’s about providing underwriters and claim analysts with the concise, actionable insights they need to make better, faster decisions right at their fingertips.

While traditional AI tools offer significant efficiency over manual processes, DigitalOwl's newest product Case Notes represents the next generation of AI in insurance. It doesn’t just summarize and sort data—it uncovers the narrative within the medical records. Powered by the first AI agents specifically designed for medical record reviews, Case Notes analyzes patterns, tracks leads, and delivers critical insights that are directly applicable to decision-making.

For example, while a summary might list diagnostic tests, Case Notes can identify any planned or pending diagnostic tests related to the individual’s condition that have not yet been completed. Additionally, while typical summaries might present a list of symptoms, Case Notes provide crucial insights by pinpointing any symptoms from the past six months that remain unexplained by the current diagnosis.

“Case Notes delivers more than just data—it provides meaningful insights like treatment responses and efficacy, incomplete or pending treatments, time-sensitive information, lifestyle and habits, compliance with medical advice, severity assessments, and much more,” said Yuval Man, CEO of DigitalOwl.

How Case Notes Drives Efficiency and Innovation

Case Notes is set to outperform even the significant efficiency gains—up to 70% time savings—already achieved with DigitalOwl’s AI-powered medical summaries. According to Zach Pugh, Chief Underwriter and VP of Underwriting Transformation at Legal & General America, "DigitalOwl’s Workflows is a game-changer for the insurance industry. The ability to assess severity, rather than merely noting the impairment, is transformative. I anticipate our efficiency will increase well beyond the current 60% to 70% time savings we're already achieving."

Ready to learn more about the next evolution of AI in insurance? Contact DigitalOwl today.

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