How AI Delivers Claims Excellence
CLARA Analytics is excited to be exhibiting at Connected Claims USA 2022 in Chicago, IL. Come say hello at booth #422 to meet the CLARA team and catch a sneak preview of how CLARA is helping insurance professionals achieve claims excellence. RSVP here to learn more.
Customer expectations for claims are changing. Thanks to changes in other industries, they now expect quick, simple claims processes delivered with outstanding customer service.
But the old way of managing claims simply cannot deliver the experience customers expect. Manual processes and cumbersome workflows make it hard for claims professionals to handle claims with efficiency and empathy. By deploying cutting-edge technology like artificial intelligence and machine learning, carriers can consistently deliver optimal claims outcomes for claimants and payers.
Here’s how artificial intelligence and claims professionals are achieving claims excellence together.
AI analyzes what humans can’t.
While the human element is critical for the future of claims, no human could crunch the vast amount of claims data available. That’s where artificial intelligence comes in. For example, AI can help carriers determine which claims could be headed for litigation, how to avoid it and which attorney to hire if it does.
Best-in-breed artificial intelligence and machine learning-driven solutions illuminate the most accurate and robust data insights and alerts for casualty claims. AI-based applications deliver clear, demonstrable value to carriers and payers by quickly solving simpler cases and giving claims adjusters more time to focus on complex cases.
Data provides claims professionals with greater context.
In addition to their years of industry experience, carriers and payers have a major resource that new insurtechs lack: mountains of data. These pools of claims data can help adjusters make informed, evidence-based decisions to drive the best outcomes. Claims professionals just need an easy way to access and analyze the data to unlock the power of claims.
Automation increases speed and accuracy.
The rapid evolution of technologies is making it possible to automate portions of the process that were previously beyond reach. Thanks to AI and machine learning (ML), claims professionals are now empowered with new tools that increase their efficiency and vastly improve accuracy.
Automation supports a variety of digital-first, claims functions, including automatically flagging claims that are likely to need more attention, extracting relevant data and updating key information. This can help organizations to drive down costs, increase accuracy and accelerate the reporting process.
The claimant is at the center.
All of this new insurance technology is great, but it doesn’t matter if the claims outcomes don’t improve for the claimant. Insurtech should prioritize optimum claims outcomes above all. What does an optimal claim outcome look like?
- Lower loss costs
- Lower claim expenses
- No litigation
- Faster time back to full health for the claimant
The best claim outcome is one that is a win for all: a win for the claimant, a win for the insured and a win for the carrier.
Achieve claims excellence with CLARA
CLARA Analytics is the leading AI-as-a-Service solution built by insurance industry veterans to optimize claims outcomes for carriers and self-insured organizations. Our products leverage the power of data and machine learning to help carriers and self-insured organizations avoid loss costs, lower claim expenses and elevate best practices.
Ready to see the future of claims for your organization? Request a demo today.