About: Insurance Claims and Automation

Insurance claim processing is a complex, yet fundamental piece of the foundational infrastructure of an insurance organisation. To put it simply, a customer submits an insurance claim when an insured asset acquires damage that is covered in the customer’s insurance policy. The client submits all relevant contextual information that will help the insurance company determine if the claim will be fulfilled. As straightforward as this process may seem, it becomes extremely difficult to keep up when the average insurance company receives thousands of claims every day. Beyond that, the information required to analyse and determine the outcome of a claim has increased; making it more complex and labour intensive.

In insurance claim automation, organisations have to establish a balance of automation to speed up the process while still handling the customer with care to build trust and retention. On one end, the customer wants quick and painless help that is readily available. On the other end, the insurer is seeking efficient processing that is error-free while also ensuring there is no fraudulent activity and a positive customer experience.

Industry Challenges

As mentioned earlier, when submitting a claim today, the customer has to provide more information than ever before. This has created an influx of data and documents in an already document-heavy process. While many customers are submitting claims online, there is still an overwhelming volume of unstructured documents riddled with poor handwritten data that makes it difficult to extract the relevant information and match it to the respective insurance policy efficiently.

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