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AI_RESHAPES_THE_INSURANCE_INDUSTRY

A New York-based life insurance company was
wrestling to keep underwriting and other fraudulent
claims expenses down which was impacting their
profitability.

AND AI SOLVED IT ALL!

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HOW?

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METHOD AND STATS

AI IS THE ONE STOP SOLUTION!

FROM UNDERWRITING TO CLAIMS

CLAIMS
WERE HIGH

claim_img

LOSSES ON CLAIMS
WERE HIGH

LOSSES ON CLAIMS_1

CLAIM PROCESSING TIMES
WERE HIGH

LOSSESONCLAIMS

CUSTOMER
RENTENTION
DROPPED

CLAIM_PROCESSING

AI – GAME CHANGER

  • 1AI CAN PROCESS DATA QUICKLY AND HELPS TO AUTOMATE AND ACCELERATE THE CLAIMS PROCESS
  • 2 AI CAN IDENTIFY FRAUD LEVELS AND REDUCE
    LOSSES BY USING PREDICTIVE ANALYSIS
  • 3 COMBINING MULTIPLE DATA SOURCES TO AVOID
    UNNECESSARY TESTS
  • 4 AI CHATBOTS IMPROVES OVERALL CUSTOMER
    EXPERIENCE BY ANSWERING QUESTIONS, RESOLVING COMPLAINTS

AI IS THE ONE STOP SOLUTION!

FROM UNDERWRITING TO CLAIMS

CLAIMS MANAGEMENT

AI can process data quickly helping insurers
to automate and accelerate the claims process

claim_img
fraud_img

FRAUD DETECTION

Using predictive analysis, AI can identify
fraud levels

MARKETING AND CUSTOMER EXPERIENCE

AI Chatbots improves overall customer
experience by answering questions, resolving
complaints

CLAIM_PROCESSING
LOSSESONCLAIMS

UNDERWRITING AND LOSS PREVENTION

Combined data resources are used
to access risk and promote prevention

underwriting_expenses

30% reduction in underwriting expenses

25% reduction in fraudulent claims 25%

AI_RESHAPES_THE_INSURANCE_INDUSTRY

25% reduction in fraudulent claims 25%

METHODOLOGY

  • Predictive analytics techniques to standardize
    and understand unstructured enterprise data
    and improve data accuracy
  • AI powered text analytics, natural language
    processing and search for categorization.
  • Explore, predict and assemble methodology
    to drive insights, identify cost compositions
  • IBM Watson Discovery, IBM Watson
    Assistant, Integration with IBM Analytics
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