Digital Disruption in Insurance Industry

Do you know?

Automation can reduce the cost of a claims journey by as much as 30%

For a long time, the traditional insurance business model has proved resilient. But now it is turning towards the digital effect. It is changing how products and services are delivered. The industry is increasingly changing the nature of products, services, and business models. We firmly believe opportunities abound for incumbent insurance companies in this new world. The companies that are moving swiftly and decisively are likely to be those that flourish. 

Automated Claims Management 

Implementing AI and ML models can define the unknown characteristics of the claim, such as the likelihood of fraud, total loss, or litigation, to speed up case handling.

Automated Support  

Conversational AI is transforming customer interactions. These models remove human intervention and report the claim reviews the claim, verify policy details, apply fraud detection checks, capture damage, update the system, communicate with the customers, and shares instructions with the bank to pay for claim settlement all by itself. 

AI-aided Underwriting 

Smart IoT devices are accumulating a lot of valuable information which can be further utilized to make the process of insurance compensation regulated.

Automated Settlement 

NLP, document and receipt scanning, multilingual audio and video transcription, and ML models are helpful for loss classification.

Today, Insurance companies must devise an enterprise strategy to implement AI in a way that offers more than just a customer experience. Let’s have a detailed discussion -