The insurance industry includes numerous manual tasks that can be automated with AI and machine learning. With the advances in AI, insurance companies can provide faster services, ensuring customer satisfaction.
Insurance providers can leverage a wide range of AI technologies like document processing, chatbots, and affective computing. They can implement these technologies in tasks, including claims and appeals processing, personalized insurance pricing, and fraud detection to achieve reduced costs, improved customer experience.
Claims processing
Claims processing includes multiple tasks, including review, investigation, adjustment, remittance, or denial. While performing these tasks, numerous issues might occur:
Manual/inconsistent processing: Many claims processing tasks require human interaction that is prone to errors.
Varying data formats: Customers send data in different formats to make claims.
Changing regulation: Businesses need to accord in changing regulations promptly. Thus, constant staff training and process update are required for these companies.
Application processing
Application processing requires extracting information from a high volume of documents. While performing this task manually can take too long and prone to errors, document capture technologies enable insurance companies to automatically extract relevant data from application documents and accelerate insurance application processes with fewer errors and improved customer satisfaction.
Insurance pricing
AI can assess customers’ risk profiles based on lab testing, biometric data, claims data, patient-generated health data, and identify the optimal prices to quote with the right insurance plan. This would decrease the workflow in business operations and reduce costs while improving customer satisfaction.
Chatbots
Chatbots can play a critical role while interacting with customers. As responding to customer queries can be a tiresome task, simple queries can be handled by chatbots and enable employees to focus on higher value-adding activities. Chatbots can also be used for intelligent call routing to forward customers to specific agents based on their needs.
