A New York-based life insurance company was
wrestling to keep underwriting and other fraudulent
claims expenses down which was impacting their
profitability.
AND AI SOLVED IT ALL!
HOW?
METHOD AND STATS
AI IS THE ONE STOP SOLUTION!
FROM UNDERWRITING TO CLAIMS
CLAIMS
WERE HIGH
LOSSES ON CLAIMS
WERE HIGH
CLAIM PROCESSING TIMES
WERE HIGH
CUSTOMER
RENTENTION
DROPPED
AI – GAME CHANGER
- 1AI CAN PROCESS DATA QUICKLY AND HELPS TO AUTOMATE AND ACCELERATE THE CLAIMS PROCESS
- 2 AI CAN IDENTIFY FRAUD LEVELS AND REDUCE
LOSSES BY USING PREDICTIVE ANALYSIS - 3 COMBINING MULTIPLE DATA SOURCES TO AVOID
UNNECESSARY TESTS - 4 AI CHATBOTS IMPROVES OVERALL CUSTOMER
EXPERIENCE BY ANSWERING QUESTIONS, RESOLVING COMPLAINTS
AI IS THE ONE STOP SOLUTION!
FROM UNDERWRITING TO CLAIMS
CLAIMS MANAGEMENT
AI can process data quickly helping insurers
to automate and accelerate the claims process
FRAUD DETECTION
Using predictive analysis, AI can identify
fraud levels
MARKETING AND CUSTOMER EXPERIENCE
AI Chatbots improves overall customer
experience by answering questions, resolving
complaints
UNDERWRITING AND LOSS PREVENTION
Combined data resources are used
to access risk and promote prevention
30% reduction in underwriting expenses
25% reduction in fraudulent claims 25%
25% reduction in fraudulent claims 25%
METHODOLOGY
- Predictive analytics techniques to standardize
and understand unstructured enterprise data
and improve data accuracy - AI powered text analytics, natural language
processing and search for categorization. - Explore, predict and assemble methodology
to drive insights, identify cost compositions - IBM Watson Discovery, IBM Watson
Assistant, Integration with IBM Analytics
Total Views: 701 views