InsurTechs deploy AI to reshape claims and customer experience in insurance

For decades, streamlining the claims experience has been nothing short of navigating a maze without a map for the insurance industry. For customers, filing an insurance claim is hardly an experience anyone looks forward to. It usually comes in the wake of a distress, like an accident or a medical emergency or worse, an untimely loss.

- Saurabh Tiwari Chief Technology Officer Policybazaar.com

For decades, streamlining the claims experience has been nothing short of navigating a maze without a map for the insurance industry. For customers, filing an insurance claim is hardly an experience any-one looks forward to. It usually comes in the wake of a dis-tress, like an accident or a medical emergency or worse, an untimely loss. The trouble only gets compounded if the claims process is time-consuming and lacks clarity. For in-surance companies as well, navigating a sea of unstructured claims with manual mechanisms used to be a high-wire act. But with technology coming into its own, the narrative started changing.

The past decade has seen a phenomenal rise in InsurTechs acting as a bridge between insurers and customers by har-nessing the power of digitisation. Now, with artificial intel-ligence stepping into the spotlight, that bridge is becoming smarter, faster and far more intuitive. Al is being deployed not just to automate routine processes but to intelligently assess claims, detect fraud and assist customers in real time with conversational bots and personalised guidance.

Here's breaking down how Al is mapping the way toward faster resolutions, fewer errors and more empathetic cus-tomer experiences.

Reshaping claims and customer experience with Al

Al's ability to extract, analyse and act on vast sets of data in real time has brought down the turnaround time and improved efficiency significantly. Claims that once required endless paperwork, manual vetting, and back-and-forth calls are now being assessed by intelligent algorithms. These models evaluate images, hospital records, voice inputs and digital forms - all within a few seconds.