3 Ways AI Enables Efficient Claims Processing in Insurance
Claims processing is one of the most important insurance operations. 87% of customers say that the effectiveness of claims processing influences their decision to choose a vendor (see Figure 1).
Figure 1: Claims processing influence on customers
Source: EY
Before the introduction of AI/ML models, most claims processing tasks were done manually. As a result, insurance companies spend too much time and labor on this process. In addition, human labor is prone to errors and is not capable of working 24/7. Therefore,…