Smart Claim is a claims automation solution. It uses artificial intelligence(AI) modelling to replicate the insurance expert's decision-making and enable claims to be processed in real-time, while providing necessary risk oversight.
The Smart Claims solution includes an internal and external risk score and intelligent decision-making, which enables the straight through processing (STP) of an insurance claim.
The solution presents insurers with the opportunity to improve customer experience whilst mitigating risk. The solution improves business efficiency, allowing staff more time to attend to higher value tasks.
The Smart Claim solution integrates directly into the insurance line of the business system, as well as all other third-party data sources used for claims decision-making.
The AI modelling process virtualises expertise of the best decision-making at an insurer there, ensuring expert attention can be given to every claim processed within the organisation. These models are continually assessed to ensure they make the best decision possible. They can quickly be retained and redeployed in reaction to market changes with no impact on existing business processes.
Straight-through processing of claims in real-time
Multiple sets of internal and external data can be used simulating in the decision-making
Real-time insight from multiple experts e.g underwiter, compliance, legal can be applied to all claims
Automated detection of claims with higher fraud risk
Better claims decisions are made while border risk and ethics are taken into account
Decreased pay-out of fraudulent claims
Improved accuracy due to a fully automated process which eliminates the risk of human error by 100% on
standard claims
Enhanced customer experience
Improved focus and optimisation of insurance expects time
Commercial, business risk, and ethics are considered in all underwriting decisions