Insuranceciooutlook

How AI is Transforming Claims Processing

By Pamela Morgan, Insurance CIO Outlook | Monday, February 22, 2021

Companies can implement AI-based chatbots to improve the present status of the claim process run by multiple employees.

Fremont, CA: Artificial intelligence (AI) is transforming industries of all types. AI within the Insurance industry has driven the claims management process by making it better, faster, and with fewer errors. AI has shown its potential in different business verticals by rapidly creating controlled and digitally improved automated environments for enabling maximum productivity.

Insurance companies can gain a huge profit from investing in AI-enabled technology that can automate the scheduling of executive-level tasks and also improve service quality by helping agents make right decisions and indisputable judgments.

The Continual Flow of Business Information

Many industries have already got accustomed to the changing environment of digital technology and have embraced automation and robotics to reshape their unsynchronized structures and productive channels. Some of the industries that have experienced and utilized the power of Artificial Intelligence are Hospitality, Customer Service, Healthcare, E-commerce and more.

The fact that insurance companies and insurers are always surrounded by piles of data and many other scattered management segments is not new.

Utilizing AI’s data processing capability, insurers can allow for a strategically built sophisticated environment where information relating to customer and business interactions can flow from one particular department to another on a common platform without any chain breakers. Thereby, insurance companies develop task management for their employees, but in many ways, it helps improve the quality of the end-to-end in prformation management system.

Automated Claim Support

Companies can implement AI-based chatbots to improve the present status of the claim process run by multiple employees. Driven by Artificial Intelligence, the touchless insurance claim process can reduce excessive human intervention as well as can report the claim, update the system, capture damage, and communicate with the customer all by itself. Such a seamless process will have clients filing their claims without much hassle.

For instance, an AI-enabled claims chatbot is able to review the claim, verify policy details as well as pass it through a fraud detection algorithm before sending wire instructions to the bank to pay for the claim settlement.

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