AI for predicting claims settlement times
Use Liberty AI to identify indicators in your data, set customer expectations and deliver a great customer experience.
Improve efficiency and reduce wastage
For insurance claims handlers, being able accurately estimate the time to process a claim is critical to understanding how best to process it and how to deliver a great experience for the customer. Knowing how long a claim will take to process, can allow customer expectations to be correctly set and communications to be effectively delivered to them so they’re fully aware of the progress their claim is making through the process. Historical claims data can be analysed using AI to look for indicators that point to how long a claim will take to be processed. Here’s how it works:
- AI, and specifically machine learning (ML), can be trained to look for patterns in the data and to predict the time a claim will take to be processed at the beginning of the process.
- This early insight can be used to improve and automate the steps involved in handling the claim and provide an automated way to keep customers informed.
- AI can automate key insights (such as claim handling time) directly to the software applications and tools being used to handle the claims process.
- This can lead to reduced costs, better efficiencies, improved communications and ultimately a higher-level of customer experience.
A proven resilient platform
Netcall’s intelligent automation offerings provide a route to enhancing and the claims process.
- Train ML models with your historical data to proactively predict the time taken to process 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 times. This ensures that they can be proactively managed to deliver the best customer experience.
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An effective claims management process to save time and money for insurers
Read our feature sheet to see how you can use Artificial Intelligence (AI) to gain rich insights from your data, predict outcomes and improve business decision making.