Integrating artificial intelligence directly into claims processing increases the industry's predictive analytics capabilities and ability to apply predictive models to claims processing, helping reduce claims costs and freeing up human resources. Claims technology executives at carriers say it will become easier.
“AI and its ability to analyze data and identify patterns will allow us to determine the sentiment of all parties to a claim,” said Sean Crowley, chief operating officer of American Claims at Sompo International. This means detecting the severity of a claim, the potential for litigation, or the potential for fraud, Crowley explained.
According to Don Jones, senior vice president of claims design and delivery at Allstate, AI analyzes claims trends and data to support informed, data-driven decision-making. He cited the handling of First Notification of Loss (FNOL) as an example.
“AI can really come into that process and make the transmission of that information to customers and FNOL users much easier,” he said. “Then you can use accurate information to make that claim the right way the first time.”
Jones said AI-powered predictive models using photos of claim damage details can predict losses more accurately and consistently. In the case of auto insurance, he said, this allows carriers to “get customers back on the road faster in terms of reduced cycle times, streamlined processes, and accurate claims management.”
Carriers, on the other hand, will pay exactly what they are actually owed based on an accurate assessment of the claim, Jones added.
Customers and adjusters alike stand to gain from AI, increasing accuracy and reducing claims costs.
Using AI, customer claimants can “tell their story in a very intuitive and modern digital experience,” Jones said.
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According to Charlie Wendland, vice president and head of claims at Branch, AI automation frees up adjusters' time. “We are leveraging this technology and our claims experience to see what memorization tests our adjusters go through every day. “We're looking to see if it's preventing us from spending more time or providing better customer care,” he said. “Soon, the first calls that claims adjusters will start making will not be, 'Tell me what happened,' but, 'Looks like this happened, are you sure?' Sho. “
