In the insurance world AI - or machine learning - is attracting plenty of attention these days because many companies are sucessfully automating claims related administrative processes and also business decisions that have previously been done manually — and expensively. Meanwhile, they are learning that doing so can improve the customer experience significantly. In fact, in some cases customers can receive their claims settlement in a matter of minutes after reporting their claims and do this on the digital channels where they are already present.
Scalepoint has a 16 year-long track record of developing focused claims management software and intelligent automation has been a key part of the company’s product offering for years. The AI Rules Engine module has so far been used primarily to improve and speed up auto related claims processes in large Nordic insurance companies. Now the solution is part of all of the pre-configured cloud based solutions that Scalepoint offers to handle claims in other areas; building, content and health for example.
AI Rules Engine can be configured to meet very specific business-rules requested by an insurance company and help them shorten the claims process without compromising precision and quality. As part of the solution, some claims can be settled immediately and the customer paid instantly. Scalepoint refers to this as a “happy fast flow” and it can take less than one minute. Other claims, however, will be directed to a claims handler for further evaluation and this is also done “intelligently” because the software considers competencies and workload of the handler when directing a given claim.
“If you need to speed up things in a claims department we often see that insurers resort to just paying the customer immediately because its easy and fast for all parties. This is not ideal from a business perspective and here the AI Rules Engine represents a really good way to fix this issue,” says Sune.
One example could be a simple contents theft claim, where a person’s bike has been stolen. The claim is reported online from a mobile app and within one minute the claim is settled and paid. Everything is handled 100% digitally based on the information the insurance company already has on the customer including policy information, customer rating, provided coverage and more. In this way errors are avoided and all relevant rules and customer specific information is checked. Meanwhile the customers experience is transformed into an extremely fast and simple process.