UNDERWRITING AND CLAIMS
“ The significance of having a digital cloud platform for customers to upload documents effortlessly cannot be overstated ”
PUNEET DIKSHIT GLOBAL INSURANCE BUSINESS LEADER AND MD - INTERNATIONAL DELIVERY , WNS GLOBAL SERVICES
recently told US lawmakers that AI needed to be regulated . Concerns about the future of AI are not limited to privacy and security ; there are also fears about the accuracy of information outputted by AI chatbots ( ChatGPT itself only claims to be up-to-date to September 2021 ) as well as the eternal question of whether AI will replace human jobs and cause mass redundancies .
Dikshit believes that AI can work harmoniously with human customer service agents to augment their role . “ AI has ushered in a significant transformation in the claims model , shifting it from being led by humans at the forefront to now being driven by AI with humans in the loop ,” he says . “ For instance , claims teams often struggle to make sense of the overwhelming amount of unstructured data they receive . Moreover , the manual data extraction practices that many companies employ drive significant inefficiencies in cost and time . AI can process unstructured data and rapidly convert it into a structured format , automating claims settlement .
“ This shift has resulted in a substantial reduction in the reliance on human reviews and assessments , saving valuable time and effort . AI-powered technologies provide real-time intelligence for tasks such as
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