Insurance

Automating Manual Workflows Using Artificial Intelligence

Workflow Automation

Insurance providers are leveraging artificial intelligence (AI) to automate painfully manual and costly workflows. This include claims processing, document digitalization, underwriting, insurance advisory, and customer acquisition/support.

Problem Statement


According to Forbes, claims processing is a notoriously laborious process. Along with the manual data entry of printed forms, the claims process tends to miss cases of fraud which result in over $40 billion dollars in losses per year. The sheer volume of claims makes it impossible for human analyst to properly vet each case in a timely manner.

On top of claims processing, insurers face competitive pressures to improve the customer experience. For example, underwriting is still largely done manually over the phone. Insurance advisory requires a limited supply of human experts to recommend plans that best fit a customer’s unique circumstance. Customer acquisition and support require call centers which can have long customer wait times. All of the above create negative customer experiences.

AI Use Cases

AI is a powerful tool that insurers can use to automate manual tasks, increase the efficiency of human analyst, and improve the customer experience.

Claims Processing

  • Claims Fraud
    • Score claims by the likelihood that it is fraudulent. This enables a fraud analyst to focus effort on blatant cases of fraud.
    • Discover "fraud rings". Neural networks are capable of uncovering sources of claims fraud (e.g. a specific individual, a specific organization, or clusters of people working together).
  • Document Digitalization
    • A technique called optical character recognition (OCR) is commonly used to digitalize handwritten documents. This enables a computer to extract data and automatically process documents without human intervention.

Customer Acquisition and Retention

  • Lead and Churn Scoring
    • Rank visitors by the likelihood that they will purchase insurance using patterns in web activity.
    • Understand and prevent churn by measuring the likelihood that a customer will switch to a different insurance provider.
  • FAQ and Search
    • Improve the relevancy of search results to help customers better locate tools, tips, resources, and insurance information.
    • Help customers resolve common inquiries by recommending answer to FAQ questions.

Insurance Advisory

  • Virtual Assistants
    • Better engage customers using a chatbot to provide real-time insurance advice.
    • Help customers resolve common inquiries using a virtual assistant.
  • Recommendation Engines
    • Recommend insurance plans based on a person’s unique history and situation.

Insurance Underwriting

  • Image Analysis
    • Evaluate if evidence (e.g. images or video) have been fradulently tampered.
  • Risk Assessment
    • Improve risk assessment and predict reasonable premium rates for policyholders based on historical, demographic, and personal data.

Robotics Process Automation (RPA) and the Skymind Intelligence Layer (SKIL)

RPA is a new class of software that automates business processes at a fraction of the cost of traditional solutions, without the need to change existing IT systems. RPA works by replicating manual activities that people currently undertake, using existing core applications, accessing websites, and manipulating spreadsheets, documents, and email to complete tasks.

Integrated with existing RPA vendors, the Skymind Intelligence Layer (SKIL) enables teams to leverage the power of AI within their existing claims workflows. The benefits for insurance include the reduction of a claims documents processing time, 24/7 uninterrupted operations, and the reduction of human errors.

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