AI-Driven Claims Decisions: The New Normal

APR 09, 2021

Current advances in the digital world have significantly increased the amount of data being generated and processed in real-time. Manual processes cannot be employed for managing and analyzing today's data since they are just too slow and therefore create bottlenecks, costing insurers time, money and customers. Thanks to Artificial Intelligence and Machine Learning, these manual processes can be transformed into self-learning automated processes, leading to faster and more efficient support, and multichannel integration.

Insurance companies are among the front runners in seeking to take advantage of artificial intelligence to provide automated processing and streamlined services. What everyone expects from insurance companies is quick support responses and resolution - especially if the customer has approached the insurer during an emergency. This is a critical point for insurers, since the steps they take will shape the customer experience, which ultimately establishes customer loyalty and referrals in the long run.

How can AI help to tackle the operational challenges throughout the claims management cycle?

As companies develop, there will be many operational challenges that need to be faced along the claim processing journey. Companies need to develop solutions quickly to overcome problems and get in a better phase of development. Some of the operational challenges faced by the Insurance industry are -