Customers continue to expect easier, and more innovative ways of interacting with companies. At the same time, companies are working to meet these challenges in a way that is both innovative and cost effective. This is especially true in the insurance industry, where, according to consulting firm McKinsey, “advances in robotics, cognition, artificial intelligence and machine learning are ushering in a new era of automation.”
One area where cognitive computing is especially effective is in insurance claims management. Here, manual, error prone and cumbersome activities combined with large volumes of data (not to mention diverse data types) are often barriers to productivity.
In order to make decisions about claims, agents need to be able to quickly access information to populate the necessary forms in the claims process. This involves pulling and reconciling diverse information types from multiple sources, such as personal data, geographic information, coverage details and policy information, health and medical codes and more.
Here, cognitive technologies can play a critical role in improving process efficiency where ease, speed and convenience of service – along with price – are key competitive differentiators.
Our Cogito cognitive technology, for example, leverages a human-like understanding of content to automatically access, identify and extract the relevant information in documents, forms, applications, policies, etc. It extends automation to actiivies that require more inteligence, and is easily integrated with your existing architecture and systems.
Automated insurance claim management enables insurance organizations to process claims accurately, consistently and quickly so as to dramatically improve the efficiency of the processes and offer signficant cost savings. For example, Cogito saved one customer up to 53% for FTEs and warranty management activities; another customer saw cost reductions of 30 to 60% for email management and quote processing.
Additional advantages of cognitive-powered automated insurance claims management solutions include:
- Faster approval process: A human-like interpretation of claims content allows for quick and accurate processing; seamless extraction of the information agents need to assess a claim speeds up the approval process.
- Greater efficiency for existing processes: Automation in each step—collecting claim information and other supporting documents, mapping relevant information against the policy coverage database, etc.—makes the validation process more efficient.
- Better decision making: Accurate, faster responses as a result of claims processing automation reduce the workload of policy holders and other organizations, resulting in fewer contested results and limited rework and legal costs.