InsureTech and artificial intelligence (A.I.) have become the new buzz words and mantra in the insurance industry. Creativity and innovation is thriving in Silicon Valley with over 1,600 technology companies in the InsureTech space for underwriting and claims. If you remember, back in the 1990s, experts predicted that if your company was not an internet company, you would not be around in the near future. That prediction came true, but what about the current prediction that artificial intelligence for claims will change the insurance industry? I believe that it will, and now is the time to stake your claim for the future.
For the last few decades, insurance companies have yielded massive amounts of data (big-data). We know that a robust A.I. system for insurance claims needs a lot of data to thrive and perform. Since you have the data, how can you start to leverage it and improve your business performance and outcomes? The Infinilytics platform, smartC™, can deliver fast and accurate results for your claims process, and improve your customers’ claims experience.
The Infinilytics advanced analytics platform: smartC™ has machine learning and over 170 patent pending algorithms with robotic process automation (RPA) which identifies more than 120 common insurance fraud schemes. The smartC™ solution qualifies a genuine claim quickly and accurately while identifying questionable patterns in other claims. The smartC™ solution is created and developed for all lines of insurance business. One of the most contemporary A.I. solutions for claims is litigation prediction. Imagine the capability of predicting with a 90 percent accuracy rate if a claim is going to fall into litigation. Your claims team would be able to take immediate steps to mitigate the litigation, customer service would be greatly enhanced, and your claims costs would be reduced. The smartC™ solution can quickly take you into this best practice for claims.
A great example and success story one of our property and casualty customers is in the anti-fraud and litigation disciplines. Our client utilizing smartC™ was able to:
- Impact loss adjustment expenses
- Reduce the time to settle a claim
- Identify suspected fraudulent claims with A.I. pattern matching
- Utilize sentiment and emotion analysis for litigation predictions
The smartC™ solution starts to analyze your claims data from the first notice of loss (FNOL) all the way up to the settlement or denial of the claim. The smartC™ solution never stops working for your claims team. Within six to eight months, our client experienced:
- Improved business automation
- Improved data analytics
- Gained better customer insights
- Improved efficiencies in their claims operations
- Created and delivered a better customer and claims experience
Insurance companies have a vast amount of data. We need to leverage the data and transform the claims process into an efficient and cost effective business model. The Infinilytics smartC™ platform will allow you to quickly bring artificial intelligence into your claims process. The insurance marketplace is very competitive and constantly changing. Infinilytics and the smartC™ platform with artificial intelligence will make you very competitive and more profitable.