Artificial Intelligence in Insurance Claim Processing and Fraud Analytics

Consumer Behaviour and Marketing

Consumer Behaviour and Marketing

By enabling the clients to acquire new customers, identifying customers, designing Segment-Based Retention strategies with Acquisition and Churn Analytics.

Risk & Compliance Analytics

Risk & Compliance Analytics

Risk and Compliance Analytics to proactively identify issues, take corrective action, and self-report to regulators on a timely basis.

Fraud Analytics

Fraud Analytics

Using AI, Insurers improve Fraud Detection and criminal activity through Data Management and Predictive Modeling. Match the variables in every claim against the profiles of past claims which are fraudulent for further investigation.

Services

AI Services for Insurance Sector

  • Online and Economy Sharing
  • Niche Wellness Services
  • Early Warning Systems
  • Customer Engagement and Social Media Platforms
  • Rent Protection and Smart Homes
  • Threat Intelligence and Automation
  • Real-Time Estimation, Fraud Reduction and Improved Security
  • Remote Claim Settlement and High Quality Evidence
  • Customer Satisfaction & Robo-Advisors for Financial Products
AI Services for Insurance Sector
Analytics Based Insurance Solutions

Analytics Based Insurance Solutions

AI solution is used to reduce the insurance claim cost and reduce the cycle of claims from days to hours. It enables the use of localisation and timestamp features to reduce the frauds in order to improve the accuracy and consistency of claim value. With the use of AI technology, it becomes possible to automate the claim process and introduce the tracking mechanism for claim process. This helps in improving the customer satisfaction and retention rate of them.

  • Text Analytics
  • Anomaly Detection
  • Recommendation Engine
  • Speech Recognition, Image and Video Analysis
  • Natural Language Generation & Simulation Modeling
  • Risk Quantification
  • Continuous Monitoring & System Characterisation

Applications of Artificial Intelligence in Insurance

Big Data Management and Data Governance

Big Data Management and Data Governance

It provides strategic approach to Data Governance as Collecting, Safeguarding, and analysing Big Data. The most prominent governance goal is to provide the reliable and accurate data for risk aggregation and reporting including data accountability and traceability. Enables smarter decision making by spotting trends, patterns and hidden insights by visually exploring data sets of any size. Uncover unexpected insights, find answers to complex problems and quickly identify new and better courses of action by visually exploring your data.

Real-Time Claim Processing and Estimations

Real-Time Claim Processing and Estimations

Real-Time Data Analytics provides fast updates and course corrections for the most effective route forward.It monitors risk and customer behaviour, and takes actionable steps in Real-Time or near Real-Time, leading to improved underwriting and pricing of current products.

Operational Management

Operational Management

It enables Supply Chain Analytics, Claims Analytics, Call Center Analytics, Workforce Analytics, IT Operations Analytics, Spend & Usage and Behaviour Analytics to gain deep insight into the actions to improve operational efficiency. It reduces costs and optimize business and financial performance, payments processing, branch and channel performance and sales management, which in turn enable Insurance Companies to plan more strategically and effectively for the future.

Pattern Recognition

Pattern Recognition

It identifies patterns in the user data, business opportunities and fraud risks. It reduces data security breaches, payment and transaction fraud. It includes Finger Print Identification, interpret DNA sequences, Seismic Analysis, Image Processing, Segmentation and Analysis, Computer Vision.

Decision Management

Decision Management

Recommendations based on identified patterns, Asset Management, Liability Management, Automated Decision Modeling, specific analytics decisions, Decision Profiling.

Personalisation and Behavioural Pricing

Personalisation and Behavioural Pricing

Receives Real-Time and current information needed and used, Telematics and Sensors for collecting customer's information, personalised attention to customers, monitors customer's goal and behaviour through Robo-advisors and understands their emotions.

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