21 Aug Impact of Artificial Intelligence in Insurance Sector
Traditional method of claim processing is now becoming history with the adoption of Artificial Intelligence in Insurance industry. The introduction of Artificial Intelligence is making the claims process faster, smarter and more efficient than ever before.
According to Accenture Customer Service Survey, 75% of the insurance company executives think that Artificial Intelligence would revolutionize their business.This big number shows how largely it is really going to impact industries.
In the survey of Accenture, it was found that the top two key contributors to customer satisfaction with the claims experience were speed of settlement, which 95% of respondents said was important or extremely important, and transparency of the process, which 94% of respondents felt was important or extremely important.
Approximately 82% of the senior executives in insurance companies believe that their business could take a humongous turn with AI in their business.
- Artificial Intelligence can help you reduce claims processing time exponentially.
- Artificial Intelligence can help predict the best decision that can be made on a claim based on holistic data.
Artificial Intelligence has a major role to play in transferring knowledge when the workforce from the claim team takes a change. Using AI the new team can understand how decisions were taken earlier, their pattern, reason and consequences without interacting with the X officials, Which significantly brings down the time and money spent to acquire experience and transferring knowledge and giving training to the new recruits.
Thanks to improvements in software tools and artificial intelligence, Artificial Intelligence can now be effectively applied to insurance claims which will gradually reduce the human intervention and automate the business to speed up transactions and workflow. Visual claim being one of the best application which will reframe the process we file our insurance claim.
Expectations about service are changing rapidly with the rise of a customer-centric, always accessible approach. Customer service is growing more and more important, and it’s easier than ever for customers to switch service providers if they have a bad experience.
The great thing about using Artificial Intelligence is that it drastically reduces claim cycle times. The standardization of customer data reduces the risk of error and ensures that everyone receives a consistent level of service. By automatically collating data from disparate sources and applying the same logic, these systems can handle straightforward claims.
We’re talking about a technology process to automate the processing of contents claims from start to finish requiring no human intervention from insurance carriers. Once a user submits their documents of evidence, a proprietary rules of engine verifies the contents for the chances of any fraud and fast tracks eligible claims for instant payment settlement. Updates can be automated to keep customers fully informed at every stage of the process.
The implementation of Artificial Intelligence will not just only reduce the time and cost of processing but also enhance customer experience by fast tracking claim processing, witness submission and automatically evaluating damages cost prediction.