The Pandemic has had much effect on the insurance industry. At first, there was a sharp increase in business interruption claims in the restaurant business because indoor seating was not allowed by government health mandates. Then, automobile carriers saw a brief windfall because fewer people were working from home and not commuting but still paying their premiums. Another consequence was people changing careers or just stopping working; hence, the “Great Resignation.” The media might be partially responsible for creating that term due to the millions of job positions open with applicants staying away for several reasons. Many people decided to change careers during the last two years, and the insurance industry has not been immune. Insurance leaders have noticed a decrease in interest in younger people to start a career in claims or underwriting. Recruiting is a constant process! So, how can you fill in the gaps now and still be efficient and productive in the claims process? Consider leveraging artificial intelligence (A.I.) with natural language processing for claims.
The Power of Natural Language Processing in Claims
There are millions of cognitive behavior patterns in a claims database that can predict high severity and litigation before it occurs. The key is to alert the claims examiner and supervisor in time, allowing for mitigation actions before the claim spirals out of control. The new claims examiner can benefit from A.I.-generated insights in three quick ways:
- Red Flags
- Litigation Prediction
Artificial intelligence with natural language processing is a force multiplier for claims teams. Imagine the possibilities of an A.I. engine that can fill in the information gaps for claims examiners by identifying familiar entities, topics, locations, timelines, and sentiments in the unstructured text within a claim file. In addition, the A.I. engine can act as a cyber-supervisor that constantly guides your examiners to make the right decisions.
Charlee™, the First Artificial Intelligence Insurance Insights Engine
The Charlee™ Insurance Insights Engine uses natural language processing to analyze unstructured text to predict severity, fraud, and litigation. Charlee™ was trained on over 40 million claims and had 50,000 pre-trained insights for the following lines of business: Automobile, both personal and commercial, Homeowners, General Liability, Commercial Property, and Cyber insurance. Insurance executives can immediately realize three things more with the Charlee™ Insurance Insights Engine:
1. The Pandemic: Charlee™ has predictions and pre-built insights (patterns) that can help prioritize resources and prepare accordingly, thereby reducing claim costs.
2. The Great Resignation: Charlee™ reduces time in analyzing and interpreting volumes of documents that supervisors must read in such crunched times; cycle time reduction is the key takeaway.
3. Insurtech and Artificial Intelligence: Charlee™ leverages natural language processing and machine learning to identify insights that will reduce severity and litigation and is the first insurance insights engine.