ICICI Lombard General Insurance has turned to artificial intelligence (AI) to improve its claims process. The insurance company recently migrated to a mobile-based real-time platform to verify claims for health insurance.
The new system can help reduce the time taken to investigate a claim request. It can authorise claims in around 2 minutes, eventually reducing the TAT (turnaround time) for detailed investigations to under a day in certain cases.
The insurer previously relied on a web-based system which was effective to an extent but could still not provide immediate/real-time updates on a claim. Under the new system, a claim is assigned to an investigator (who uses the app). Once the investigation is complete the investigator can upload the results/findings immediately, without having to return to the office to file paperwork. Once the report is filed the claims department receives the same and can process the claim based on the report.
Under the previous system the investigator had to upload their findings/reports by physically going to the office and logging into the web portal.
The new system also has the ability to read the policy documents of a customer and deduce the claim amount on a case-to-case basis.
With insurance companies looking to reduce the time taken to process a claim, the use of AI could help ICICI Lombard General Insurance strengthen its position in the market.
Source: Business Standard
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