AI-Powered Claim Management: The Insurers New Benefactor

By Insurance CIO Outlook | Wednesday, June 05, 2019

Artificial Intelligence (AI) is overtaking traditional claims processing to a great extent. With the technology of AI, companies can bring in changes which are helping them make processes faster and smarter. AI enabled systems are the systems which can emulate human cognitive abilities and hence, do reasoning, and planning. Specific tools of this technology are particularly useful for claims processing, and these are having a significant impact on the sector.

In the insurance industry, cognitive computing through AI is touching the areas of claims management, making them automated and efficient. AI reduces the burden on claim handlers by taking up the administrative functions that they have to carry out. This allows claim handlers to focus on other essential tasks like investigations, evaluations, and negotiations. AI-powered bots can deal with many responsibilities like helping customers access history of submitted claims, current status, and payment information. AI-driven apps also enable claim submission without involving a claims adjuster at all. Through these apps, companies have also enabled approval of claims and subsequent notification to customers.

Insurers can depend on AI to bring down costs with the help of most accurate claim settlements. AI is equipped to evaluate the claims and point out unnecessary ones without requiring human intervention. The analyzing capacity of AI can quickly determine damages from media like photos, and this would assist the claim handler in the process. Other functional tasks can also be handed over to AI allowing companies to automate manually intensive and error-prone tasks.

Overall, the whole claims management industry has benefitted a lot by applying AI at various levels. AI has helped reduce claim costs substantially, cut labor costs, increase efficiency and speed. In a short time, the industry has reaped many benefits from handing over functions to technology. Companies are mostly opting for technologies that are in accordance with their current employee base. With this approach, both the insurers and customers are in an advantageous plane.

AI is the game changer, making the claim-processing a lot more easy and simple. Companies are sure to provide world-class services to attract and retain customers. 

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