Artificial Intelligence (AI) is revolutionizing the insurance industry by automating routine tasks and augmenting decision-making at its core. AI enables intelligent risk selections and pricing decisions while settling claims faster and enhancing the customer experience to create a seamless document workflow management for brokers and agents.

AI is advantageous to several insurance industry professionals by improving the speed at which they can provide their customers with results. AI transforms the experience by freeing up time to focus on your customers and providing a more sophisticated case file document processing. AI has a pivotal role in providing safety to your customers while ensuring they receive optimal support.

How exactly does artificial intelligence apply to the claims process?

Notifying the Loss Process

Natural language processing takes in data and restructures it to be analyzed for triage claims, liability issues, recovery opportunities, and fraud detection. Insurers are notified of the claim faster; this data also lays the foundation for advanced analytics. 

Assessing Damage

AI can function by processing visual information and interpreting data to build a complete image of destruction to vehicles, homes, and more. Customers can submit damage documentation, and AI can estimate the cost. AI can also access dash cameras plus CCTV footage to enhance the proof of the damage and speed up the adjudication process. 

Fraud Detection

Fraud against the insurance industry is estimated to be more than $40 billion yearly in the United States alone. AI impacts insurers’ profitability, especially when reducing customer churn from increased premiums. AI can analyze electronic data from a broad range of sources, including claims, customer information, and the internet, to build predictive models that identify possible fraud cases.

Enhancing Gateways of Communication

Conversational AI like chatbots and smart assistants gives customers 24-hour support, reducing the general inquiries directed at insurance professionals. Although this method of communication may not be a solution for detailed questions and concerns, the process helps provide basic solutions and reroute more complex inquiries to human support.

Underwriting Solutions

AI can redefine how insurers price risks, allowing customers to be assessed as individuals instead of a large group of electronic data. Premiums can be calculated based on customer statistics like how much they drive, how safe they drive, and what type of precautions they use at home, including fire alarms, carbon monoxide detectors, or even the use of AI doorbells and cameras. 

 Streamlining the Buying Process

AI improves the sales experience by providing easy-to-use applications and websites. Currently, AI is commonly used to purchase straightforward insurance products and will soon deliver a route for selling more complex commercial lines insurance.

How can Wisedocs support insurance firms through our AI-enabled medical record review process?

Wisedocs provides reliable scalability, insights, and medical data from document workflow software intelligence. Automation can assist with scaling anything from reimbursements and underwriting to case analysis. AI produces a higher accuracy of reporting and forecasting and discovers the root cause of fraud faster than human capabilities. Trust in Wisedocs to revolutionize the back end of your business while you support what matters most - your customers.