Beyond claims handling automation, intelligent intake solutions also set up commercial insurance companies to take full advantage of AI-based analytics tools that promise more advances in technology for claims handling,
underwriting and more.
There’s no limit to the number of fields an intelligent intake solution can extract from the unstructured documents typically involved in a commercial insurance claim. While your Chief Claims Officer may require only, say, 20 fields, your data analytics team could well be interested in 100. That would give them more data to use for predictive applications, loss modeling, actuarial projects and more.
Fraud detection
is just one example. More than 7,000 insurance companies collect over $1 trillion in premiums each year, the FBI estimates, making them a prime target for illegal activity. The total cost of insurance fraud exceeds $40 billion per year, the
FBI says – and that doesn’t include health insurance.
Fraud occurs in about 10% of property-casualty insurance losses, and fraud costs more than $300 billion per year in the U.S. alone, according to the Coalition Against Insurance Fraud. That’s why insurers are investing in technology to help them combat fraud. Nearly two-thirds of carriers are investing in predictive analytics while more than one in five are or plan to invest in AI, according to the Coalition.
Both methods can be a boon for fraud detection. AI machine learning algorithms, especially, can quickly find correlations that indicate fraud among FNOLs, police reports, and various forms that human analysts would be hard-pressed to find. And the ML tools can do it instantly.
In general, all of these tools work from data that’s in a structured format. That makes an intelligent intake platform that takes unstructured content and turns it into structured data all the more valuable.
Claims process automation is clearly the future for commercial insurance companies. To learn more, click below for an interactive demo, a free trial or to get in touch with any questions.