Definition
The application of technology to perform tasks or processes with minimal human intervention, particularly within the specialty insurance market.
Why it matters (in Poovi’s context)
It is rapidly transforming the specialty insurance market by reducing frictional costs in the placement process and streamlining operations like submission triage and claims processing.
Key properties or components
- Reduces frictional costs
- Streamlines processes
- Involves AI agents
Contradictions or debates
None.