Industries all across the world are implementing artificial intelligence to make their operations more efficient and make smarter business decisions for maximum growth. Adopting artificial intelligence for claims adjusting process can not only help adjusters close claims faster and more accurately but also help enhance the customer experience for policyholders. Let’s have a look at how artificial intelligence is going to revolutionize claims adjusting.
Table of Contents
- What is artificial intelligence?
- AI and insurance
- AI and claims adjusting
1. What is artificial intelligence?
Artificial intelligence is the process by which machines are able to mimic human intelligence and engage in complex problem-solving that typically requires human intervention. AI has taken great strides over the decades and is used in virtually thousands of operations and processes across industries. From healthcare to automotive to finance, and cybersecurity, AI is being used to provide business solutions for a variety of obstacles.
2. AI and Insurance
The insurance industry, today, is developing new strategies to tackle operational challenges. This involves combining technological advancements with analytics to derive actionable insights that can help bridge the gaps to deliver better products and services to customers. In a customer-centric environment, insurance carriers rely heavily on their ability to provide valuable services to their customers and this includes maintaining an efficient workflow where every aspect of claims management is optimized and automated.
Claims management is at the forefront when it comes to technological innovation and transformational programs that insurance carriers have started to undertake will increase the levels of automation in claims in a decade.
3. AI and claims adjusting
Claims adjusters today face a lot of hurdles when it comes to adjusting. Whether these are communication gaps between adjusters and IA firms or operational challenges when it comes to inspecting properties. In order to tackle these challenges, implementing artificial intelligence is an extremely efficient way to optimize workflows. Let’s have a look:
Better claims organization
Claims adjusters deal with a high volume of claims every day and one of the most challenging aspects is managing multiple claims simultaneously. With the help of artificial intelligence, IA firms can effectively assign claims to adjusters with particular specialties. As adjusters specialize in auto, property, and medical claims, IA firms will be able to segregate claims and assign them to adjusters with specific skill sets. This will lead to an increase in accurate inspections and will also help close claims faster.
Effective CAT management
During the CAT season, a high number of claims adjusters are deployed across the country due to a large volume of CAT claims arising out of the annual hurricane season. For IA firms, the major challenge during the CAT season is the effective and timely deployment of adjusters to multiple property sites.
With the help of AI, claims adjusters can assess the severity of claims and the priority a particular assignment deserves, thereby, reaching the most severely disrupted loss sites first. Not only will this help provide effective claims adjusting services to policyholders but will also reduce the deployment time for CAT adjusters.
Enhanced safety for adjusters
Adjusters are not alien to occupational hazards that are involved in claims adjusting. Not only CAT inspections but claims which involve roofing inspections pose a safety risk for claims adjusters. With the implementation of AI, technology claims adjusters can effectively undertake roofing inspections without directly getting exposed to dangers. Properties that are not structurally sound can be inspected with the help of drones.
You can find more information on how claims inspection can be boosted with the help of machine learning here