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The contributions AI can make to the insurance industry

The term "artificial intelligence" tends to recall ideas of robots operating in factories or complex computer systems that the average person simply can not understand. As AI technology grows and progresses, the practical applications of AI systems and machine learning algorithms will affect more and more aspects of our business. everyday life.

AI and the insurance industry

In the case of the insurance industry, artificial intelligence technology has the ability to help companies improve their customer service by implementing automated services controlled by IA systems. As the insurance world becomes more and more competitive, the AI ​​can also play a major role in helping these companies reduce their operational costs by streamlining some of the most demanding parts by hand. 39, the work of their work. Not only will this increase the profitability of the insurance companies, but it could also improve the overall value of the insurance products offered to the customer.

WorkFusion, a leader in the smart automation industry, believes that artificial intelligence systems have the ability to help insurance companies speed up their methods of handling complaints. Traditionally, insurance companies had to use the manpower to extract specific claims information, enter it into their system, and then determine if they actually had to pay the claim. Once the claim has been approved or rejected, the customer must be notified and the payment may have to be delivered.

This is obviously a labor-intensive process that requires many hours of work and is a major operational obstacle to effective management and operation. insurance protocols. Not only is the claims process intensive, but complicated decisions must also be made regarding the validity of a claim, whether it should be paid for and the percentage that should be paid.

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IA speeds up claims process

To advance the claims process, many steps have traditionally been required for the claim to be transferred between different departments of the company. This has unfortunately led to negative customer experiences.

A recent survey found that about 41% of all people who have applied for insurance are likely or very likely to change insurance companies during the next year. The slowness and complexity of the claims processes are therefore one of the most important customer complaints.

WorkFusion, on the other hand, reports that its machine learning models can help insurance companies process claims 80% faster while reducing the number of people involved by 50% in the claim process. This model increases efficiency through the use of knowledge bases, automatic validation policies and the mapping of key facts of the claim with the policy. In addition, it can also make automated decisions and regularly send data to the system to facilitate the payment of approved requests.

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AI improves customer satisfaction and loyalty

In terms of customer satisfaction and customer loyalty, a more effective claims process with the help of AI technology is essential. In times of loss, serious accidents or tragedies, people do not want to deal with a slow and bureaucratic claims process, and machine learning systems can make the process smoother and faster. reducing the workload of caregivers. decide on the applications.

As an added benefit to insurance companies, the AI ​​system can also help detect and prevent fraudulent claims and thus limit claim losses, which are a major source of revenue loss for the company. ;industry.

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Better, faster and safer claims processes mean a win-win situation for both insurance companies and clients. When both stakeholders win, the insurance industry flourishes.