Customers in every industry have come to expect better, more transparent service in recent years, and this is only amplified where money matters are concerned—particularly with regards to insurance claims. And with the help of AI, we’re now seeing the desires of claimants being handled with more care, and better efficiency.
AI is redefining the insurance industry as we know it, helping to automate business processes for insurers everywhere as they strive to shift towards better big data handling, improve their responsiveness and compliance, and reducing average handling time for these claims to be processed. But how is AI achieving all this? Let’s take a closer look.
1. Fraud prevention is more robust through pattern-spotting
Claims fraud is becoming increasingly appealing to criminals, with the FBI reporting that this level of crime comes at a cost of more than $40 billion per year. However, through leveraging the power of AI, many insurers are seeing advantages of more robust fraud prevention.
AI uses intelligent automation, pattern-spotting and self-learning to conduct real-time fraud analysis on your customers, helping you to spot potentially fraudulent claims. By leveraging AI’s contextual understanding capabilities and its ability to connect with other fraud prevent systems, insurers can benefit from seeing the complete communication history of each customer. This enables claims handlers to efficiently and effectively identify anomalies and stop fraud in its tracks.
2. End-to-end automation speed is enabling faster processing
Despite many insurers already digitizing their core business processes, claims is an area which still sees a lot of tasks requiring a lot of manual effort to complete. But with the speed of settlement being a common pain point for customers, it can be risky business leaving everything in the hands of handlers and neglecting automation.
Leveraging AI can help to automate many of these manual, repetitive, and time-consuming tasks, so that insurers can offer digital and self-service claims processing to enhance customer service levels and accelerate processing. This could include implementing elements such as chatbots, rich script messaging, or scripted messaging for agents to give claims teams better human enablement.
By introducing AI to these basic claim requests, it can help to streamline claims process, shorten average handling time, and help achieve better end-to-end automation.
3. Omnichannel experience is improving stakeholder communication
Insurance customers prioritize speedy and effective resolutions, with seamless communication across multiple channels, but for many, without AI they are struggling to offer this. With many processes remaining fragmented and still done manually, many insurers can’t achieve the standard of service expected from their customers—and therefore, the discrepancy between service expected and service received increases.
AI can help to get create one unitary experience for all the stakeholders involved in the claims process, giving them access to a full overview of their customers, ensuring claims handling is both more efficient and more effective.
4. Improved insights mean improved decision-making and productivity
Gathering insights can be a tedious process for insurance firms, not to mention they’ll need to feed these into the claims teams with actionable advice. But customer is king, and knowing where the process can be streamlined and improved for them is crucial for preventing complaints and customer churn.
With AI, these insights can be generated for insurers to prevent leakage, improve claims and time efficiency, and enhance productivity.
For example, through our work with Vision Risk Management Solutions, we seamlessly integrated our claims management platform which resulted in an 80% improvement productivity increase!
5. Optimized workflows create stronger claims handling teams
Insurers are becoming more and more concerned with the skills gap that is permeating the industry and preventing it from progressing at the speed it needs to—and this is particularly true of claims teams. This shortage of suitable talent is increasing the speed of claims processing, which is creating worse customer experiences.
However, AI can help. Not only can AI create a knowledge transfer system where claims teams can share their learnings and encourage others to pick up new skills, but it can also help to optimize claims processing workflows, meaning everyone is assigned to tasks and roles they are most suited for.
Insurers have long been faced with stereotypes for being difficult to communicate with, but with AI, there is the opportunity to transform the way the industry is seen. With faster, better-informed customer service, and more productive and knowledgeable claims teams, the opportunities for smarter claims processing are endless with AI.
Want to find out what AI could do for your company? Get in touch for a chat or to schedule a demo and see ClaimPilot in action.
