Insurance Claims Processing Powered by Computer Vision
Claims processing is a key touchpoint in the customer life cycle, and insurers have only a short window of opportunity to satisfy policyholders. Companies that strategize their efforts to improve insurance claims processing can expect higher levels of operational efficiency. They’ll also improve financial results and serve happier customers. While each claim is different, standardized elements of claims processing can be streamlined with the strategic implementation of new technologies.
P&C Insurers – Champions of Artificial Intelligence
Artificial intelligence is already deeply embedded in insurance processes. A 2017 study reports that the insurance industry has invested $124 million in AI, compared to an average of $70 million invested by other industries. According to McKinsey’s Insurance 2030 Report, with the new wave of deep learning techniques, such as convolutional neural networks, AI can truly mimic the perception, reasoning, learning, and problem solving of the human mind. AI will help the insurance sector shift from its current state of “detect and repair” to “predict and prevent.” While AI has made great strides within the insurance industry, one promising element of a robust AI strategy must be further explored: computer vision technologies.
Implementing computer vision technology that enables visual insurance claims has emerged as a solution that can transform the entire claims process. Computer vision guides customers through the process of capturing visuals while recognizing objects within those images, classifying the images, and routing the enquiries to the to the right agents or adjusters for immediate analysis and incident assessment.
The video element is integrated into the existing workflow, in sync with existing systems, resulting in significantly shorter and more straightforward insurance claims processing that delivers real value to P&L insurers.
Insurance Claims Processing through Computer Vision – the eBook
A new eBook by TechSee, leaders in intelligent visual engagement, explores the different computer vision technologies that bring value to the industry, such as object recognition, facial recognition, image to text, image similarity, texture recognition, scene reconstruction, motion estimation and image restoration. The eBook also explains the close relationship between computer vision and augmented reality, and how the combination of the two can enhance the customer experience.
The eBook is loaded with use cases and clear examples of how computer vision delivers value across the entire claims cycle. It covers both agent decision support and customer self-service, explaining new approaches to damage recognition, claims adjustment, onboarding/underwriting, insurance IoT, billing and contracting.
To get to grips with the significant challenges facing the insurance industry and why computer vision in particular has the potential to be a true game-changer, download this informative eBook. You will discover the value computer vision brings to insurers in terms of reduced insurance claims processing and settlement cycle time. It also lowers cost per claim, increases appraisal accuracy and reduces adjuster travel time and costs. It all results in fewer fraudulent claims, enhanced customer satisfaction and easy adoption of insurance smart devices.
The eBook also provides insurers with practical advice for implementation. Challenges are covered in an honest and straightforward way, and clear step-by-step guidance is provided to help insurance companies begin implementing computer vision technology.
For insurers looking for an advantage in today’s highly competitive insurance market, click here to download the eBook today.