AI Claim is changed to

Do Insurance Companies have to take step towards Automating Claim Process?

5 march, 2020 | 2 min read

“IoT and automation are no longer being considered as an innovation but have now emerged as the core components of an insurer’s survival and growth toolkit”

Today’s customers are benchmarking insurance companies on service delivery. Digitisation, Customer Centricity, Personalisation and Simplicity are now merely hygiene factors for today’s customers. While few insurers have been investing in these technologies in recent years, wider on-ground implementations have just started happening and the impact of results achieved will decide which insurers lead the market in the future.

Problems with the claim process

Globally, 250 million claims are processed semi-manually in a year, taking 5–10 days to process, costing 10–15% of the total premium earned, and vital customer dissatisfaction. Customers often face slow and disjointed service, and insurance companies are stuck with high operational expenses, fraudulent claims and errors in claim cost outcome.

How Technology can change it

Artificial Intelligence has the power to transform the entire Auto Claim Industry via breaking traditional barriers of insurance. AI technology provides instant estimates of an accident with accuracy often exceeding human-generated estimates, leads to a faster resolution of claims, reduce claims expense and creates a better customer experience that adds unique core element to their value chain and has a giant leap for insurance companies.

Who can bring this change revolutionises how work is done by providing an insurance company with new tools to accelerate claim settlements, dramatically reduce costs and fraud, and increase customer retention.