Customers have rising expectations when it comes to working with insurance companies today. When they are involved in auto accidents or incur damage to their homes, they want fast and accurate responses about their claims at every hour of the day. Loyalty is lost if insurance claims take weeks or months to process, and the likelihood a customer will churn increases.
Automating claims using Artificial intelligence (AI) and machine learning (ML) lets insurance companies process repeatable claims quickly and flag complex and fraudulent claims for agent review. Leveraging AI/ML models, submitted claims matching similar claims in the database can be processed automatically and only those needing further review will be sent to an agent. AI/ML models also have the ability to analyze pictures uploaded from a customer’s mobile device and match the damage and payout to similar images in the company’s repository.
Implementing a fast, accurate, reproducible, and cost-effective claims processing framework is the power needed to limit customer churn and beat competitors in the industry. See how Anaconda Enterprise can improve data science workflows in insurance by booking a demo.