Empower employees to make the right decisions faster
Artificial intelligence (AI) for document insights helps insurance industry employees, such as underwriters, claims processors, customer service agents and actuaries make the right business decisions faster. By revealing meaningful insights from large volumes of documents and public data, insurers can automate the process of searching through documents and data, augmenting employee decision-making for a better customer experience.
What's your potential ROI?
IBM Watson® NLP solutions can help improve productivity and lower costs of previous tools.
Increase efficiency with automation
Using AI technology to analyze many documents at once can accelerate manual reviews, helping reduce error and increase productivity. Employees can delegate time-consuming, manual tasks to machines and get data-informed insurance policy recommendations in near real-time. Not only can this approach reduce the duration of the underwriting lifecycle, better customer experiences.
Claims management processing
Provide expertise-based action
AI solutions can streamline claims management processes by extracting relevant data and offering insights to insurance company employees. With intelligently-routed claims, employees get policy and eligible claim recommendations that help determine the next best action and reduce errors.
Risk and fraud management
Spot patterns and detect fraud
Use AI to help improve fraud detection by noting potential markers of fraudulent claims. The technology can analyze various documents for patterns across historical data points that indicate fraud for employee review before claims are paid out.
Empower agents with faster answers
With AI technology, customer service employees can spend more time solving customer problems and less time looking for the information needed to inform their next action. Agents can access more effective answers to common questions in near-real time for faster problem resolution and improved customer satisfaction.
Changing the claims process
Everest Reinsurance used deep learning to automate the internal insurance claims process. It has contributed over USD 5 million in premium growth and USD 3.5 million in efficiency gains across multiple areas of underwriting and claims.
Meiji Yasuda Life Insurance Co.
Using AI to analyze language
Since deployment of the AI tools to analyze unstructured data, the insurer has seen a 90% reduction in work involving text data reading and analysis, and has eliminated nearly 1,500 hours of work annually.
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