AI Streamlines Insurance Claim Processing by 70%

A leading insurance firm in the Nordics faced slow claim processing due to manual handling of unstructured data. They implemented an AI-powered document intelligence tool, achieving a 70% faster processing speed and freeing agents for personalized customer service. This resulted in increased efficiency, empowered agents, and transparent control over the AI system.

Client:

This leading insurance firm in the Nordics exemplifies a forward-thinking approach to technology. They recognized the limitations of their existing system, which relied heavily on manual processing of unstructured claim data. This inefficiency led to slow claim processing and hindered their ability to provide exceptional customer service.

Problem Statement:

● Manual Processing of Unstructured Data: This was the main challenge, leading to inefficiencies.

● Limited Capabilities of Existing Technology: Existing systems couldn’t handle the unstructured data, hindering automation.

● Slow Claim Processing and Customer Service: Manual work caused delays in processing claims, negatively impacting customer service.

Results:

● 70% faster claim processing due to automated data extraction and interpretation
● Enhanced customer service with agents having more time for personalized interactions
● Increased efficiency from reduced manual tasks and streamlined workflows
● Empowered agents focusing on higher-value tasks and potentially improved job satisfaction
● Transparency and control over AI and automation processes

AI Solution:

In search of a solution to streamline their manual claim processing burdened by unstructured data, the insurance company implemented an AI-powered document intelligence tool called EY Fabric Document Intelligence.

This AI solution automates the process of analyzing various claim documents, including bills, invoices, and medical records. It utilizes features like natural language processing NLP and optical optical character recognition OCR to extract key information from these unstructured documents.

The extracted data is then converted into a structured format, making it easier for the insurer’s systems to understand and process claims. This significantly reduces the manual workload for agents who previously had to analyze each document themselves.

Interesting Fact:

The insurance company maintains control over the AI. They can see how the AI interprets data and makes decisions. This transparency allows them to monitor performance and identify potential biases in the system. Additionally, they have the flexibility to adjust the AI’s settings or even modify the entire workflow as needed.

References:

1. How do you leverage AI to streamline insurance claims?

Industry: Insurance

Vendor: EY
Client: Leading insurance firm in the Nordics