He couldn’t believe his eyes when he saw how little the claims processing department had become. James was out of work for a few years, but Monica, her former boss at ABC Travel Insurance, was welcoming him. She explained:

“The integration of enabled technologies for AI has really changed the panorama here in the processing of claims.” Monica asked James: “Remember how the processing times used to be three to four weeks per claim, with error rates of 10-20%, all the role it drags for the adjusters and their team, and the clients angered by delayed payments? ” James grimaced and acknowledged. He remembered everything, and especially the vice president concerned with fraudulent claims.

But today, the new system uses:

• OCR and natural language processing (NLP) for

automated data extraction

• Automatic learning algorithms for patterns recognition

and fraud detection

• AI energy chatbots for aunce aspedity and confess from alotations

• Predictive analysis for the probability of claims approval

and payment forecast.

Monica explained that the average claims processing time had decreased from 3.5 weeks to only 48 hours, with complex cases resolved within a week. And the error rate in claims processing had decreased from 10% to less than 2%, reducing the need for manual reviews and appeals. The AI ​​system also identifies suspicious patterns, Mónica said: “… with a 95%precision!” The workload of claims adjusters has been reduced by 60%, releasing time for complex cases and strategic initiatives.

James said: “Should customers love that?”

Monica agreed: “Customer satisfaction scores improved by 35%.”

James smiled at what difference can make a few years.