Financial Services - Property & Casualty Insurance

Silver Bullet to intelligent insurance processing using AI/ML

Insurance companies employ a variety of AI/ML solutions, including RPA, chatbots, Intelligent Document Processing, ML and AI models, to optimize their existing underwriting, policy servicing, claims management and processing, damage assessment and Fraud detection. AI technology in insurance has the potential to significantly improve operational efficiency, provide total risk visibility. It enables insurance firms to pivot towards a more digital customer experience and technology-enhanced product lines. Catastrophic modeling based on ML models, enabled to improve prediction of future catastrophe risks in areas like risk due to natural calamity.

RPA along with smart data extraction tools can handle a high volume of repetitive human tasks which helps large insurers to streamline critical operations and free employee capacity. NLP, chatbots and voice assistants can be used for automated responding to queries about policy, the status of claims. While detecting and analyzing damage claims, Computer vision matches the claimant's accident/vehicle damage photographs to the image database to assess damage severity and estimate repair costs. It minimizes claim handling time and reduces claim processing expenses. Drones integrated with computer vision technology can be used to assess property damage more efficiently and offer an estimate of repair costs in the event of property insurance claims.

Domains

Optimized Claims Processing

AI powered Claims management systems to automatically analyze data sources,including satellite-collected geographical data (GIS), photos captured by drone for image processing based assessment of property characteristics and property attributes for claim-filing.

Advanced Claims Adjudication

Predictive analytics powered by ML models to enable real-time decision making, Computer vision-powered automated and instantaneous repair cost assessment, estimating damage intensity, and deciding whether to repair or replace an auto vehicle.

Rapid Document Digitization

NLP with OCR for document processing by indexing and classifying of data from documents such as email, text, PDF, and scanned documents for extracting essential data.

Automated Underwriting

AI powered Underwriting systems save time to standardize a 360-degree approach to risk analysis, freeing up key employees’ time to strategize a long-term retention roadmap, actionable loss control strategies and optimize overall resource utilization in underwriting.

Claims Fraud Detection

NLP assists in fraud detection by checking incoming claims against online searches, news articles, social media activity, and criminal databases.

Personalization of Premiums

Big data driven algorithms to assess individual customers risk profile AI-enabled telematics platform to analyze customer's risk profile for deciding personalized coverage and premiums.

Looking to digitally transform your insurance firm and extricate from future uncertainties?

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