INNOVATION IN ACTION One of the key areas where digital transformation is making a significant impact is in the end-toend automation of underwriting and claims processes. Using AI and machine learning to enhance automated decision making and support human judgement not only speeds up the process but also improves accuracy and consistency of risk decisions. For instance, the combination of SCOR’s AI Assistant (which extracts and analyzes critical information from unstructured insurance documents) and AI enhancements for Velogica (SCOR’s Accelerated and Automated Underwriting platform) are already improving the predictability of underwriting risk factors from external and unstructured data sources, helping to detect possible non-disclosure, and allowing our teams to better incorporate historic claims experience into the underwriting process. HYPE OR HELP? The key to successful technology adoption lies in discerning between genuine advancements and mere hype. At SCOR, our goal is not to be the first to adopt every new technology but to be selective and strategic in identifying which emerging technologies have the potential to make a real impact for our business and our clients. Before deciding to implement any new technology, our teams carefully consider how it aligns with strategic goals, its scalability, and its ability to solve real business problems for our clients. In an era where hype can overshadow substance, it’s crucial to choose wisely where to invest time and resources. By focusing first on building core data foundations to drive AI, we position ourselves to quickly adapt when new trends and technologies have the potential to move the needle. . UNLOCKING INNOVATION THROUGH TECHNOLOGY SCOR Digital Solutions brings tech and data-driven solutions to the L&H industry In today’s fast-paced world, innovation is more crucial than ever. It drives progress, transforms industries, and creates new opportunities. By leveraging cutting-edge technologies and the data that fuels them, SCOR is unlocking new potential, streamlining operations, and delivering enhanced value to our clients. In 2024, SCOR took a significant step forward in our innovation journey by launching SCOR Digital Solutions. This new Life & Health digital solutions platform consolidates core L&H digital assets under one roof with the goal of driving innovation through technology. SCOR Digital Solutions leverages the Group’s industry-recognized expertise and data capabilities, enabled by a SaaS-based tech platform to provide clients with seamless access to data-driven underwriting and claims services. 80 ACTIVITY REPORT 2024
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