AI for predicting the cost of a claim
Use Liberty AI to identify indicators in your data and predict the likely cost of a claim.
For insurance claims handlers, being able accurately estimate in advance, the cost of processing a claim is critical to understanding how best to handle and manage the claim. Knowing how much a claim will cost to process can determine the resources spent on handling the claim, and ultimately deliver a much-improved customer experience. Historical claims data can be analysed using AI to look for indicators that point to how much a claim will cost to process. Here’s how it works:
- AI, and specifically machine learning (ML), can be trained to look for patterns in the data to proactively predict the cost associated with handling any given claim.
- This early insight can be used to determine the way the claim is processed so that it’s done in the most efficient way and delivers the best possible customer experience.
- AI can automate key insights (such as claim processing cost) directly to the software applications and tools being used to handle the claims process.
- This can lead to reduced costs and a more streamlined, efficient process.
A smarter claims process
Netcall’s intelligent automation offerings provide a route to enhancing and streamlining the claims process.
- Train ML models with your historical data to proactively predict the cost associated with processing a claim at the start of the claims handling process.
- Present that information on-screen to a claims handler or use it directly to automate the next step of the process.
- Liberty Create applications and Liberty RPA process flows can act directly on the predictions provided by Liberty AI to deliver a seamless end-to-end automation process, keeping the customer informed every step of the way.
Using automation in this way provides improvements in the claims handling process. Not only can costs be reduced and efficiencies gained, patterns can be identified and reports generated that identify claims handling costs. This provides better visibility and improved decision making.
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