The insurance industry is changing rapidly and technology is facilitating the process. In this June 7th CLM TechTalk, Rama Venkateshwaran, Co-founder, and CTO of Charlee.ai, speaks with Melissa Hill, Head of Special Auto Claims at Kemper, about the claims management process and how AI, ML & NLP can be force multipliers in closing the gaps to lower Claims Expenses and Improve Reserves.
Pain points in Claims Handling processes
The insurance industry is running on an age-old process, and we are trying to adapt it to new technology. What it needs is a change to existing structures gradually, using data more meaningfully to make faster, and better effective decisions. Technology is a constant iterative process to determine what’s essential, gain insights and figure out what works best for everyone, making claims handling more seamless.
Importance of unstructured data for Claims Management
Unstructured data is the key to claims handling. There is a wealth of information in unstructured data: claim notes, correspondence from attorneys, LOR, and medical bills, just to name a few. The technology embedded in Charlee.ai, has the ability to dig into notes, get insights, extract information and predict timelines, gather details about injuries, and learn more about how these can impact the severity of the claim and propensity for litigation. The possibilities are endless.
Role of AI, ML & NLP in Claims Handling
Claims handling is a combination of art and science. While investigating and handling it is an art, there is a scientific basis for resolution. It is important to understand trends and patterns, cluster them together, reconcile data, use claim adjuster notes, and gain insights. Implementing AI & ML is a continuous process of learning what works, connecting the dots, running models, and validating them. Claims handling with integrated technology like Charlee is about letting data guide you through the process. It is up to each of us to find out what works best for our business, test, learn and keep improving the claims handling process.
Intrigued by how insights derived from AI and Natural Language Processing (NLP) can help better your claims management? Listen to the talk here or contact Charlee.ai to know more.