As an Insurtech company, we obviously believe in technology and automation. We know that the future of claims management is digital – but – even if you can automate every step of the claims process, you shouldn’t. Here’s why.
The rise of automation and digitization
We love writing about and discussing the future of claims management and how you can improve the claims management process with digital tools. Insurance companies have improved efficiency and reduced costs as they have started to incorporate decision support systems for claims management and started investing in AI and chatbots, for instance.
But even though there are considerable advantages to automating processes in the insurance industry, there are situations where it just isn’t the best option. With new technologies, there will usually be some initial hiccups. A common denominator is a technology-first approach where reducing costs is the single most crucial factor, where the customer and their experience is lost along the way.
It’s not all about the money
We believe it would be best to shift focus from cost-cutting to what customers actually want and expect. Don’t get us wrong, financial gains are obviously still substantial, but the best recipe for success is, in the end, happy customers. It is important to remember that just adding more technology isn’t the answer. There is more connected to successful claims management than lowering your costs and creating the most efficient process.
Something worth considering is not to altogether remove personal contact. Many customers value being able to be met with, or at least talk to, an actual person – this is especially critical when it concerns claims within accident and health, as these claims often can be intricate and, of course, traumatic for the claimant.
Human in the loop (HITL)
Human in the loop (HITL) refers to a human guiding an AI as the AI is continuously learning. There are, of course, mistakes to be made by an AI, so having a HITL that trains and tests the AI will make it more intelligent and, in the end, provide better results as the AI has learned from its mistakes. Having a human in the loop is a smart approach to let customers know that they have access to human support if they like.
Remember that your customers have different needs and preferences, meaning some will enjoy all-digital solutions, and some will still need personal contact, at least to some extent. If you can let your customers have the option, it will be very advantageous. Learn more about meeting your customers better by mapping out the customer journey, thereby improving claims management!
Mavera combines AI with the personal touch
Many decisions have already been or will be automated in the future, but not all should. We believe you need the human touch, at least to some extent, in many cases. AI makes mistakes, just like humans. Still, you can get the best possible solution by combining their strengths and letting them work together. That is what we believe we have made in Mavera Decision Support System (DSS).
Mavera DSS is created to support the claims handler and automate your processes with data and machine learning. AI functions as the data-driven assistance learning from thousands of previous cases to help foretell the outcome of a specific case. But for complex claims, it is still the claims adjuster who connects the dots and makes the decisions.
That means we combine the best of both worlds. A claims adjuster is supported with data and machine learning, making it easier to make accurate decisions. The claimant, on the other hand, gets personal service. Learn more about how our solution provides a smart way of handling claims.