AI  & Insurance Claims Process

Today’s rapid evolving business world needs to centre on the overall customer experience and bring it to the next level. For the insurance industry, it means the intelligent, self-learning automated customer service technology of Artificial Intelligence that once incorporated will streamline processes to provide fast and efficient assistance to clients.

Customer needs are the guide to decision-making in every industry. Today's needs are digital. From Voice Recognition, Natural Language Processing like Alexa, Image Recognition and Chatbots can learn, remember, collect and analyse data–ultimately providing more relevant, positive and personalized experiences.

Filing a claim can be arduous and lengthy today as it was 10 years ago, even with the evolution of technology and apps. Insurance firms mobilise an army of agents, brokers, marketing teams, support personnel, claim investigators, and technology systems in the claims process. This number of players creates delays and frictions. The archaic processes make it harder for insurance staff; increasing the workload and forcing them to use antiquated systems and deal with frustrated customers - who are now use to answers in real time in this digital age from their phone or tablet.

Sogeti rapidly improve the claims process and the customer experience for early adapters in the insurance industry through the application of AI. Claims do not need to be touched by multiple employees. The new process of “touchless” claims uses AI to report the claim, capture damage, audit the system and communicate with the customer in minutes. Sogeti insurance clients have witnessed real value-add from a client and a cost persepective, as this process allows clients ease of use to file claims and more importantly a response in seconds with no human intervention.

Another example of AI’s impact is using Image Recognition technologies and Chatbots to assess damage to a car based on uploaded photos. A first level claim investigation can directly happen in an automated manner, assess the claim automatically based on pre-set parameters without human intervention and settle claim rapidly.

Companies that have already automated some aspects of their claims process have seen a significant reduction in processing times and quality. AI-powered claims also fight against one of the most costly elements of the insurance industry: fraudulent claims, which cost the industry and consumer millions a year. Instead of relying on humans to manually comb through reports to catch inaccurate claims, AI algorithms can identify patterns in the data and recognize when something is fraudulent.

In this fast-paced digital age, reaching out to both the needs and wants of consumers is more important than ever, particularly as the insurance industry moves to a more digital experience. Digital happiness with AI will increase efficiency and decreased labour costs in insurance claims processing.

Contact Sogeti  to learn how to implement pioneering cognitive solutions to make your processes faster, smarter and more efficient than ever before.