Process insurance claims more efficiently
Processing claims are one of the biggest cost drives for insurance companies. It makes up almost 30% of an insurer's operating costs on average1. However, up to 70% of claims can be handled automatically, according to industry estimates2. This would save insurers time and money, and improve customer satisfaction.
Insurance companies can use our accelerator to process claims more efficiently to save time and money.
If a claims agent knows the likely outcome and cost of a claim, she can then make more appropriate decisions. For example, she might choose to settle the claim immediately instead of sending it through a long process with the same end result but higher business costs.
The accelerator will use machine learning models to predict the most likely outcomes and settlement amounts of accidental damage claims.
Inefficient claims handling increases business costs and reduces customer satisfaction levels. Part of this inefficiency comes from claims agents not having full visibility of the process and likely outcomes.
The accelerator will provide AI predictions and the key factors that influenced the AI predictions. This will help the agent make more efficient decisions and explain the rationale behind those decisions to clients if they ask. Insurance companies can reduce business costs, and improve customer satisfaction levels and Net Promoter Score (NPS).
The AI predictions will also be monitored for bias for regulatory purposes. This accelerator will specifically monitor bias in claim outcomes for customers of different ages. Any detected bias will be corrected, helping the claims handling agent make fair and more appropriate decisions.
1McKinsey & Company (2016), 'From transparency to insights: McKinsey's insurance cost benchmarking 2016'. Accessed on 25 March 2020.
2Jane Disney (2019), 'Digital, fully automated claims is not a 2030 dream - It's possible today'. Digitalist Magazine. Accessed on 25 March 2020.
A sample application is provided showing how the Claims Handling agents experience can be enhanced using the deployed models which have automatically been monitored for bias.
Required services: To use the industry accelerators, you must install one or more of the following services on IBM® Cloud Pak for Data
Importing the accelerator
To use this accelerator on Cloud Pak for Data v188.8.131.52, complete the following steps:
- Download the InsuranceClaims-industry-accelerator.tar.gz file.
- Extract the contents of the package.
- Follow the instructions in the README.pdf.
This accelerator has been verified on:
- Cloud Pak for Data v184.108.40.206
About the developer:
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