{"id":5303,"date":"2021-03-08T11:21:36","date_gmt":"2021-03-08T11:21:36","guid":{"rendered":"https:\/\/47billion.com\/?p=5303"},"modified":"2024-12-23T05:15:50","modified_gmt":"2024-12-23T05:15:50","slug":"insurance-claims-management-in-digital-era","status":"publish","type":"post","link":"https:\/\/47billion.com\/blog\/insurance-claims-management-in-digital-era\/","title":{"rendered":"Insurance Claims Management in Digital Era"},"content":{"rendered":"\n

It is\u00a02030. John has\u00a0hailed\u00a0an autonomous\u00a0cab. He leaves for the office in his self-driving cab. John\u2019s AI assistant maps a potential route\u00a0and shares it with his mobility insurer, which instantly finds\u00a0another optimal route that has less probability of accidents and provides information regarding\u00a0adjustments\u00a0or additions in\u00a0his monthly premium\u00a0if there is any damage.\u00a0 <\/p>\n\n\n\n

When\u00a0John pulls into his office parking lot, his car\u00a0bumps into one of the parking signs.\u00a0 <\/p>\n\n\n\n

As soon as the car stopped working the automatic control determined the extent of the damage. His AI assistant gave him instructions for taking pictures of damage and surroundings.\u00a0There is a notification on his mobile from his insurance company. It\u00a0stated that his claim has been approved.\u00a0 <\/p>\n\n\n\n

This scenario may seem beyond the horizon, but such use cases are going to emerge across all the domains of insurance. Using\u00a0deep learning techniques, AI can shift\u00a0the\u00a0Insurance industry<\/strong><\/a> from detection and repair to prediction and prevention.\u00a0<\/p>\n\n\n\n

From transforming processes with the perspective of customer satisfaction to optimizing back-office processes, insurers are today striving to make claims processing faster and simpler.<\/p>\n\n\n\n

Here are the innovations that\u00a0are taking place in\u00a0the\u00a0insurance industry \u2013\u00a0 <\/p>\n\n\n\n

Automated Claims Management<\/strong>\u00a0 <\/p>\n\n\n\n

Implementation of AI and ML models can define the unknown\u00a0characteristics\u00a0of the claim such as\u00a0the\u00a0likelihood of fraud, total loss, or litigation to speed up case handling.\u00a0\u00a0For example,\u00a0a European insurance carrier, improved its fraud detection by up to 18 percent by using\u00a0an\u00a0AI-based system. Also, leading automotive insurers can calculate damage based on real-time pictures of vehicle damage with the help of picture recognition techniques.\u00a0<\/p>\n\n\n\n

Automated\u00a0Support\u00a0<\/strong>\u00a0 <\/p>\n\n\n\n

Claims chatbots are helping in improving the current status of claim processing. It removes excessive human intervention and reports the claim reviews the claim, verifies policy details, applies fraud detection checks, captures damage, updates the system, communicates with the customers,\u00a0and shares instructions with\u00a0the\u00a0bank to pay for claim settlement\u00a0all by itself.\u00a0<\/p>\n\n\n\n

The automated claim support system releases companies from expensive fraudulent claims, and human errors and also helps in eradicating inaccuracies by\u00a0identifying\u00a0data patterns in claim reports.\u00a0 <\/p>\n\n\n\n

AI-aided Underwriting\u00a0<\/strong><\/p>\n\n\n\n

Smart IoT devices are accumulating a lot of valuable information which can be further utilized to make the process of insurance premium regulated.\u00a0For example,\u00a0fitness trackers and vehicle tracking devices help both health and auto insurance sectors to develop dynamic underwriting algorithms that control premium\u00a0dictation.\u00a0\u00a0<\/p>\n\n\n\n

Automated Settlement\u00a0<\/strong><\/p>\n\n\n\n

NLP, document and receipt scanning, multilingual audio and video transcription,\u00a0and ML models\u00a0are helpful\u00a0for loss classification. Digitization in\u00a0the\u00a0claims journey improves\u00a0the\u00a0experience for customers and provides\u00a0greater efficiency by reducing the practice of manual claims handling.\u00a0\u00a0<\/p>\n\n\n\n

Prevention rather than cure<\/strong>\u00a0 <\/p>\n\n\n\n

Insurance companies are providing personalized training to prevent accidents and proactive\u00a0preventative health services to reduce\u00a0the burden of upcoming claims.\u00a0The trend is towards providing 360 degrees of quality of service for the long-term safety of vehicles and people rather than insuring just unexpected events.\u00a0<\/p>\n\n\n\n

Conclusion\u00a0<\/strong><\/p>\n\n\n\n

Insurance companies today, are required to devise an enterprise strategy, to implement AI in a way that offers more than just a customer experience.\u00a0<\/p>\n\n\n\n

At our workplace we are in process of implementing multiple applications of AI in the Insurance Industry<\/a> whether it is claims management, claims settlement, or eSigning. By working on smart automation of workflows we assure less resource consumption, increased process efficiency, and enhanced customer experience.           <\/p>\n","protected":false},"excerpt":{"rendered":"

It is\u00a02030. John has\u00a0hailed\u00a0an autonomous\u00a0cab. He leaves for the office in his self-driving cab. John\u2019s AI assistant maps a potential route\u00a0and shares it with his mobility insurer, which instantly finds\u00a0another optimal route that has less probability of accidents and provides information regarding\u00a0adjustments\u00a0or additions in\u00a0his monthly premium\u00a0if there is any damage.\u00a0 When\u00a0John pulls into his office parking lot, his car\u00a0bumps into one of the parking signs.\u00a0 As soon as the car stopped working the automatic control determined the extent of the damage. His AI assistant gave him instructions for taking pictures of damage and surroundings.\u00a0There is a notification on his mobile from his insurance company. It\u00a0stated that his claim has been approved.\u00a0 This scenario may seem beyond the horizon, but such use cases are going to emerge across all the domains of insurance. Using\u00a0deep learning techniques, AI can shift\u00a0the\u00a0Insurance industry from detection and repair to prediction and prevention.\u00a0 From transforming processes with the perspective of customer satisfaction to optimizing back-office processes, insurers are today striving to make claims processing faster and simpler. Here are the innovations that\u00a0are taking place in\u00a0the\u00a0insurance industry \u2013\u00a0 Automated Claims Management\u00a0 Implementation of AI and ML models can define the unknown\u00a0characteristics\u00a0of the claim such as\u00a0the\u00a0likelihood of fraud, total loss, or litigation to speed up case handling.\u00a0\u00a0For example,\u00a0a European insurance carrier, improved its fraud detection by up to 18 percent by using\u00a0an\u00a0AI-based system. Also, leading automotive insurers can calculate damage based on real-time pictures of vehicle damage with the help of picture recognition techniques.\u00a0 Automated\u00a0Support\u00a0\u00a0 Claims chatbots are helping in improving the current status of claim processing. It removes excessive human intervention and reports the claim reviews the claim, verifies policy details, applies fraud detection checks, captures damage, updates the system, communicates with the customers,\u00a0and shares instructions with\u00a0the\u00a0bank to pay for claim settlement\u00a0all by itself.\u00a0 The automated claim support system releases companies from expensive fraudulent claims, and human errors and also helps in eradicating inaccuracies by\u00a0identifying\u00a0data patterns in claim reports.\u00a0 AI-aided Underwriting\u00a0 Smart IoT devices are accumulating a lot of valuable information which can be further utilized to make the process of insurance premium regulated.\u00a0For example,\u00a0fitness trackers and vehicle tracking devices help both health and auto insurance sectors to develop dynamic underwriting algorithms that control premium\u00a0dictation.\u00a0\u00a0 Automated Settlement\u00a0 NLP, document and receipt scanning, multilingual audio and video transcription,\u00a0and ML models\u00a0are helpful\u00a0for loss classification. Digitization in\u00a0the\u00a0claims journey improves\u00a0the\u00a0experience for customers and provides\u00a0greater efficiency by reducing the practice of manual claims handling.\u00a0\u00a0 Prevention rather than cure\u00a0 Insurance companies are providing personalized training to prevent accidents and proactive\u00a0preventative health services to reduce\u00a0the burden of upcoming claims.\u00a0The trend is towards providing 360 degrees of quality of service for the long-term safety of vehicles and people rather than insuring just unexpected events.\u00a0 Conclusion\u00a0 Insurance companies today, are required to devise an enterprise strategy, to implement AI in a way that offers more than just a customer experience.\u00a0 At our workplace we are in process of implementing multiple applications of AI in the Insurance Industry whether it is claims management, claims settlement, or eSigning. By working on smart automation of workflows we assure less resource consumption, increased process efficiency, and enhanced customer experience.          <\/p>\n","protected":false},"author":1,"featured_media":5305,"comment_status":"closed","ping_status":"open","sticky":false,"template":"template-default.php","format":"standard","meta":{"_acf_changed":false,"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[5,189],"tags":[61,296,297,298,299,292,300],"class_list":["post-5303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-finance","tag-ai","tag-claims","tag-insurance","tag-insurance-industry","tag-ml","tag-nlp","tag-underwriter","entry","has-media"],"acf":{"upload_file":null},"yoast_head":"\nInsurance Claims Management in Digital Era | 47Billion<\/title>\n<meta name=\"description\" content=\"Insurance companies today, are required to devise an enterprise strategy, to implement AI in a way that offers more than just a customer experience.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/47billion.com\/blog\/insurance-claims-management-in-digital-era\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insurance Claims Management in Digital Era\" \/>\n<meta property=\"og:description\" content=\"Insurance companies today, are required to devise an enterprise strategy, to implement AI in a way that offers more than just a customer experience.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/47billion.com\/blog\/insurance-claims-management-in-digital-era\/\" \/>\n<meta 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