Using AI to speed up the insurance claims journey

How is artificial intelligence (AI) being used in the insurance industry to make the claims process simpler, quicker and more seamless for customers?

WRITTEN BY: ALEX CLERE

Artificial intelligence (AI) is revolutionising the insurance industry by unleashing new capabilities and allowing insurers to smooth over historic frictions that have frustrated customers. One of the biggest frustrations insured customers have revolves around the speed of the claims process; once a loss has occurred, they want to submit their claim quickly and smoothly, receiving their payout without unreasonable delay.

In the last five years, chatbots have become the torch-bearer for AI technologies in the insurance industry. They are the most visible AI experience for customers, helping to filter out the simplest queries that can be dealt with online without the need for a human customer service agent. But what are the other applications for AI in the insurance industry, particularly when it comes to speeding up the claims journey?

How can AI improve the insurance industry?

As well as customer service chatbots, AI can remove some of the traditional inefficiencies in the insurance claims journey, says Puneet Dikshit, Head of the Insurance Business Unit at WNS, a provider of global business process management. “Claims processes often suffer from considerable inefficiencies due to legacy infrastructure and fragmented processes, further exacerbated by the ongoing consolidation of the industry marketplace,” Dikshit explains.

“However, AI has emerged as a solution to address these inefficiencies by providing a unified perspective across the ecosystem, focusing on product centricity while remaining platform-agnostic. This platform-agnostic feature enables the seamless integration of AI platforms with existing systems, facilitating scalability and customisation.”

AI can also be used to help insurers spot patterns of suspicious or potentially