UNDERWRITING AND CLAIMS
Artificial intelligence ( AI ) is revolutionising the insurance industry by unleashing new capabilities and allowing insurers to smooth over historic frictions that have frustrated customers . One of the biggest frustrations insured customers have revolves around the speed of the claims process ; once a loss has occurred , they want to submit their claim quickly and smoothly , receiving their payout without unreasonable delay . In the last five years , chatbots have become the torch-bearer for AI technologies in the insurance industry . They are the most visible AI experience for customers , helping to filter out the simplest queries that can be dealt with online without the need for a human customer service agent . But what are the other applications for AI in the insurance industry , particularly when it comes to speeding up the claims journey ?
How can AI improve the insurance industry ? As well as customer service chatbots , AI can remove some of the traditional inefficiencies in the insurance claims journey , says Puneet Dikshit , Head of the Insurance Business Unit at WNS , a provider of global business process management . “ Claims processes often suffer from considerable inefficiencies due to legacy infrastructure and fragmented processes , further exacerbated by the ongoing consolidation of the industry marketplace ,” Dikshit explains .
“ However , AI has emerged as a solution to address these inefficiencies by providing a unified perspective across the ecosystem , focusing on product centricity while remaining platform-agnostic . This platform-agnostic feature enables the seamless integration of AI platforms with existing systems , facilitating scalability and customisation .”
AI can also be used to help insurers spot patterns of suspicious or potentially
94 July 2023