How AI could help solve your insurance claim troubles

If you’ve been chased from pillar to post trying to claim from your insurer, then you’ll know how tedious insurance claims can be.

Mother nature’s been sure to remind us how destructive her wrath can be in recent months, and while there’s very little we can do to appease her, getting insurance is one way we can stay prepared for nature’s dramatic displays.

Truth is, no one wants to deal with the hassle of endless paperwork, being transferred between multiple call centre agents – only to be told to try again the next day.

Fortunately, the rise of artificial intelligence (AI) promises to alleviate some of the struggles associated with insurance claims for policyholders, while helping insurers detect fraud.

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Senior Claims Manager at Hollard Life Solutions, Avinash Baboolal believes technology has the power to revolutionise the insurance claims process – making it simpler and less stressful.

“…When a client files a claim on a life insurance policy, they are experiencing a significant life-changing event. The claims process should, therefore, not add to their already stressful situation,” Baboolal said.

“One of the crucial ways that technology is improving the claims journey is through the use of artificial intelligence (AI) tools, which help streamline the assessment process, reducing the time it takes to process a claim,” he explained.

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Self-service portals

A notable area was the introduction of self-service portals which allow clients to manage their policies, submit claims, and update information conveniently and securely – from anywhere.

“Gone are the days when the claims process relied solely on customers submitting claim information. Through strategic partnerships and innovative processes, policyholders now have access to their policy information via the customer portal.

“They can also submit claims through WhatsApp. This has improved efficiencies, significantly reduced turnaround times, and enhanced the overall customer experience.”

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Fraud detection

Baboolal noted that data analytics had emerged as powerful tool enabling insurers to analyse trends, solve claim challenges and improve claims-related decisions.

He explained that AI and machine learning also allowed predictive modelling for fraud detection and claims automation.

While AI speeds up the claims process, making life easier for policyholders, the human touch is still asn essential past of any service industry.

Baboolal noted the importance of human interaction, but said industry players must acknowledge changes to the processing of claims through the integration of AI-driven tools such as chatbots, optical character recognition, advanced analytics and customer mobile apps.

“These innovations, combined with a user-friendly self-service portal, are expected to play a significant role in simplifying and enhancing the claims process for clients into the future,” he said.

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