Claims automation, powered by AI-driven InsurTech solutions, has been presented as the solution to all the woes associated with inefficient and sluggish claims processes.
Manual inspection and processing of vehicle damage are inefficient, not to mention error-prone. Sometimes it can result in biased decisions and cause the company to lose more in claims than expected.
The manual inspection process also needs more time to settle the claim. Faster claim settlement is one of the top three requirements of customers taking an insurance plan. Solving the issue will provide them a better experience.
A touchless claims process takes the process steps further. The entire process is handled and closed electronically with minimal or no touch-points. The solution takes into account all the data, current and historical, to make authentications, assessments, and final settlement for payout estimation.
AI models can work more efficiently than the current ordinary method of the manual damage assessment process. The algorithms are better-tuned the more they are used so that they are more precise in damage detection over time.
Trained models are also easy to implement and scale-up once the results are demonstrated. So all a customer has to do is take photos of the vehicle after an accident and it can automatically provide a claim estimate and simplify the processing ahead.
Implementing AI can save on manual assessment costs, boost processing time and can increase the quality of customer service. Technology advancement adds a new layer of convenience and transparency for the customer.
Automatic assessment of vehicle damage through artificial intelligence and image analysis will result in faster and more accurate decision-making without any bias. This not only makes the entire process simple and easy but it also increases the productivity of the company and betters customer service.
Post COVID-19 breakout, touchless claims now seem like the most prudent way of adjudicating claims.
Presently, 79% of insurance leaders are looking to go touchless as compared to 49% just a year and a half ago. The adoption rate of virtual claims processing went up to 95% as compared to 79% during the same period of time last year.
1.Neural Networks to the Rescue: Accurate and Faster Payout Estimates
2.Faster Damage Assessment Using Incident Images
3.Quicker Analysis of Claims Data for Claim Authentication
4.Increased Accuracy in Payout Estimates with Predictive Analysis
Insurance representatives will have free time to focus on interacting with customers and providing input to their organizations in a much more valuable manner. Hence, such a solution makes itself advantageous to every party in the claims process.
The advantages of touchless claims far outweigh the reservations. During the challenging scenario currently emerging due to the pandemic, touchless claims do seem to be the right choice for customers and insurers.
If you need a professional consultation on AI Solutions-contact us, we are always ready to help!