Agentic AI for Insurance Has Arrived

We all appreciate teammates who work with agency and initiative. They identify when something needs to be done, and they take steps to accomplish the task at hand. In other words, they are agentic.

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In psychology, “agentic” refers to the characteristic of having agency, that is, being able to control our own behavior and actions. In technology, agentic systems can perform more complex and multifaceted functions without one-to-one, back-and-forth interaction. 

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You’re probably already familiar with AI programs that require explicit instructions. ChatGPT is a great example. If you ask it a question, it will give you an answer. However, it probably won’t recommend any additional steps or provide information that was not explicitly requested. While this ping-pong cadence is fine in some instances, it doesn’t save a lot of time for those managing the execution of complex processes. If you have to prompt every little step, it’s often easier to just do-it-yourself.

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In the past, it may have seemed like agentic technology was an impossible dream. Now, that dream has become reality. Agentic AI systems can act autonomously to carry out a series of tasks within predetermined parameters. Here's a comparison of a typical AI experience compared to agentic AI experience in a common homeowners insurance claim scenario:

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Typical AI Experience

Imagine you’re a policyholder dealing with a burst pipe and water damage. You contact your insurance company to report the claim. You hope to receive immediate assistance because every moment you wait, the water damage gets worse, and the risk of mold increases. 

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You get an immediate response, but it’s from an AI with very limited capabilities. The AI takes your First Notice of Loss and assures you that someone will follow up regarding the claim – but it can’t tell you how soon. You end the conversation more worried than ever. 

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Agentic AI Experience

In this scenario, you contact your insurer to report the burst pipe. Once again, you’re assisted by an AI, but this AI is capable of initiating actions within set parameters. 

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Once you report the burst pipe, the AI schedules a repair appointment and dispatches a contractor. It also establishes a claim number, assigns your claim to a file handler and tells you the file handler’s contact information. 

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This time, you end the conversation feeling relieved and cared for.

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What if AI Agents Could Do Even More?

From the policyholder’s perspective, agentic AI represents a major improvement. Afterall, policyholders may not always know what the next step should be – they’re counting on the insurers to provide that expertise.

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The short example above provides a small glimpse into agentic AI’s vast potential. For example, in addition to accepting the FNOL, assigning the claim and dispatching service, an AI with built-in agency that is integrated with other insurance systems can handle other processes, such as: 

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• Checking average repair rates and replacement costs in the area
• Adding initial file notes
• Setting a claim reserve
• Searching for prior claims made by the same policyholder
• Verifying the authenticity of policyholder submitted photos
• Scheduling a review for the file handler
• Sending an update to the policyholder

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When these tasks are completed automatically by the AI – without the need for human intervention – claims processes accelerate significantly. In fact, agentic AI could make a huge difference for insurers right now in the midst of the industry’s skilled worker shortage and dragging claim cycles.  

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This Is a Moment of Immense Possibility

A few years ago, an AI assistant that could do everything listed above may have seemed like something out of science fiction. Thanks to recent breakthroughs with large language models, this type of automation is available now. 

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Agentic AI is already capable of automating FNOL intake, smart triage, service provider deployment and more. AI is also capable of automating underwriting processes and quoting and binding policies. However, to turn large language models into fully agentic AI agents, insurance training is needed. That’s where Liberate comes in.

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As a pioneer in AI-driven insurance workflow technology, we train AI to understand complex insurance processes and apply the logic needed to make insurance decisions. We then build solutions that combine AI with other technologies and integrations to create seamless workflows.

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Liberate is building the AI agents of the future. The tools we offer are already revolutionizing insurance processes, and we’re not done yet. As AI technology continues to progress, we’re creating Agentic AI teammates that will make your jobs exponentially easier.

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