Claims processing is a business-critical, time-consuming function and handling it well is essential for maintaining the expected level of customer experience. Claims management involves various steps from the First Notice of Loss (FNOL), assignment of a claims adjustor, investigation, and claim settlement up to the claim payment. The current claims management process is riddled with serious pain points. Keeping loss ratio in check is a serious challenge. Using cognitive computing to make smarter and faster decisions is a growing trend in the insurance industry. By using AI-based outcome prediction and remediation, cognitive computing provides a definitive closure to the customer in much shorter time than the time taken by the current ‘automated’ processes.
We employ a systematic approach toward cognitive computing solutions by mapping out the current business processes, identifying the critical pain points, bringing in the required deep expertise for the design and implementation phases, and finally delivering the final solution through customer collaboration. With a judicious combination of human logic and machine-learning, our approach is supported by intelligent data-driven analysis based on insurance/loss history and outcome prediction resulting in highly effective claim settlements. Our solutions include AI-based digital business assistants, deep learning, machine learning, multi-currency/multi-lingual/multi-channel experience, image recognition, RPA, NLP, and workflow automation.
Our proven record of working with insurance clients for several years makes us a great choice when you need help in designing and implementing critical technologies. With a series of successful implementations of cognitive computing for many insurance businesses, we can deploy APIs for integration with multiple stakeholders for a seamless experience.