Many people who argue against buying insurance are those who sincerely believe that buying a life insurance policy is all about paying premiums and never getting the money back. Even if the claim is settled, the life insurance provider takes too long to settle it which many a time worsens the critical condition of the already troubled family. However, with the advent of technology, things are changing at a faster pace than we can actually think of. The inclusion of artificial intelligence (AI) to explore the business opportunities, read customer’s mind and settling the claims of people have heralded a new, unprecedented era. With AI and automation in the insurance sector, life insurance offering companies can address the customer’s grievances, concerns and settle insurance claims quite fast.
AI to make claim processing efficient
To help life insurance companies make the claim handling work more efficient and effective, AI comes to the fore and takes over the claim handler’s administrative functions. By doing so, it frees a considerable time for the person to focuses on evaluating, investigating and negotiating. There are AI-powered virtual insurance chatbots that help a customer to view the status of their recently submitted claims, history of claims and payment information for various types of life insurance claims. Policyholders can submit a claim over the app once they answer the questions required as well as clicking on the damaged area of the car drawings. Once the claim is submitted, the robot will indicate that a claim adjuster will follow up with the customer.
AI drives settlement accuracy, is cost effective
With AI being in place, chances of wrong claim settlement are low, thereby driving down the insurer cost and making claim reimbursement fast for customers. An AI-based review software that UK based company uses checks the repair estimates and flags out unnecessary repairs. By doing so, it not only frees up adjuster’s time and save fatigue but also minimizes claims leakage as well. Therefore, it is safe to say that AI and automation will help life insurance companies settle claims accurately, efficiently and effectively without wasting too much of resources and time for the same.
Enhances customer interaction
It’s been always a big challenge to the companies to address customer’s concerns immediately before AI and automation actually appeared on the scene. With AI based chatbots being in place, it enables companies to offer real-time question and answer service for first notice of loss. On the other hand, pre-assessing claims for automated damage evaluation, automated fraud claim detection with enriched data analytics and predicting claim volume patterns are possible with AI and automation. Further, life insurance companies can now better their relationships with policyholders; enhance their claim address speed and cater to their concerns eagerly.
AI and automation are increasingly becoming the business needs and important tools to grow a business by understanding the customer’s psyche and addressing their concerns in a way that weren’t possible otherwise. With this, the insurance sector is sure to make a big leap as technology advances.
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