Natural disasters are becoming increasingly frequent in the world. Each catastrophe creates mayhem and overloads the already burdened claims settlement process. Mohit Dilwaria argues that with AI-enabled claims settlement processes deployed at most insurance carriers it would be possible to make the process more efficient and help the survivors and the companies alike.
As the insurance industry is looking at AI technologies to make processes more efficient and less cost-intensive, they also need to take into account the fact that machine learning algorithms need time and relevant data to learn how look at patterns and make decisions. Varun Chutani discusses the role of domain experts to do just that and also points out why available data alone is not enough for training the algorithms.
In part 1 of this blog, we discussed why subrogation is important and how effective subrogation positively impacts the company’s bottom…
Claims process is a core part of operations for any insurance carrier; it’s one of the most customer-centric, critical, time consuming, labor and capital-intensive part of the business.
The US insurance market today is extremely competitive. It is fairly easy for consumers to switch their existing carrier and move to the one offering them a better deal.