1. Much has been said about the impact of AI on the industry, but how is this technology being used to disrupt the claims processing sector?
Although the latest advances in artificial intelligence (AI) are still in their infancy, we are already seeing examples of this technology being applied to make the insurance claims process much more efficient.
For example, AI-powered chatbots can provide 24/7 customer support and handle inquiries and basic claim notifications, freeing agents to handle more complex cases and the more technical aspects of claims. You will be able to concentrate.
Examples like this go beyond the hype and show tangible benefits of using AI. Traditional processes are showing signs of disruption in these areas.
2. There is a lot of hype around AI, but what are the clear benefits for customers and insurers’ spend?
We're already seeing faster claims processing, improved turnaround times, and higher levels of support.
There are also early signs that AI can provide customers with a more personalized claims process through highly customized, real-time responses.
For example, our Sonic credit rental technology eliminates the need for handlers to perform manual searches, creating a near-instant, comprehensive credit rental claim process.
This has cut costs in half for insurance companies in some cases and provided end users with a much faster resolution. This is a great demonstration of how AI can impact both the bottom line and customer experience for insurance companies.
3. How can claims handlers target AI deployments to the point of greatest return on investment?
It requires a deep understanding of the problem space. It is important not to find a solution to the problem. There are already too many examples of technology for technology's sake.
It's about putting handlers at the center of the design process and helping them create truly innovative AI platforms, with an AI-first approach designed to remove pain points for both handlers and customers.
By partnering with insurers to develop technology, products that develop a more harmonized claims processing process, focus on customer needs, and solve real, everyday problems that insurers face. has been developed and is currently being created.
4. What are the customer experience benefits of leveraging AI?
It’s important to remember that customers view their interactions with insurance companies as transactional and part of their overall digital experience. That means every touchpoint is critical to customer retention.
The basis for these interactions is not necessarily the insurance industry, but other elements of the customer's life, such as Netflix or Amazon.
Generative AI can help make these touchpoints seamless and create higher levels of brand loyalty in the process. AI can be used to interpret a customer's state of mind based on previous calls and change the way they interact with insurance companies, personalizing agent approaches and driving customer engagement.
5. How important is a comprehensive understanding of the claims processing value chain when considering AI?
That is essential if technology is to have a real and lasting impact. As a practical example, we developed the claims processing platform Lauri CS in close collaboration with insurance companies.
By leveraging our AI-first approach and deep market understanding, we have revolutionized claims processing.
The system leverages unprecedented datasets and provides a 360-degree view of the billing process and customer interactions, enabling a more data-driven strategy and a fully optimized customer experience.
Delivering an AI-driven end-to-end process in this way increases the strategic strength and agility of insurers' decision-making, helping them retain customers and reduce spending.
