Artificial Intelligence Is Improving Claim Processing and FNOL

Posted on

May 17th, 2021

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fnol aiMovies and television depict artificial Intelligence (AI) in a variety of ways, most of them sensational. In real life, artificial intelligence is a little less thrilling and a little more practical. The implications and uses of AI can prove every bit as fascinating, but we’re not likely to see sentient machines conversing with us or trying to take over the world any time soon.
Instead, these intelligent machines are automating tedious tasks and improving efficiency across all industries. For insurance companies, this means improving claim management and automating time-consuming claim and FNOL processes.

AI and First Notice of Loss

Insurers can expect AI to affect every aspect of the claims process from first notice of loss (FNOL) to resolving the claim. Improvements to FNOL are of particular importance as it has the greatest effect on client satisfaction. The claims process is cumbersome and unwieldy to a client not familiar with the process. AI can help insurance agents streamline and expedite claims for faster settlements and happier clients.

How AI Improves Claims Efficiency

Several administrative tasks within the claims process consume much of an insurance agent’s time. AI can take over these responsibilities, allowing agents to focus on investigating, appraising, and mediating the claim. For example, if a client wishes to review the history of their claim, an AI chatbot can assist them while the agent continues to work the claim. AI can also recognize common red flags for fraudulent claims or unnecessary repairs. An adjuster will need to make a final review, but it saves the time and expense associated with a human performing the legwork of these tasks.
The primary benefit of AI is its ability to help insurers recruit and retain customers. It does so by improving claims proficiency and reducing labor expenses. If your insurance company is struggling to acquire or maintain its clients, Actec can help. To learn more about enhancing your claims process, contact us today.