AI Streamlines Insurance Claims
Transforming Insurance Claims with AI: Enhancing Accuracy, Speed, and Compliance Across Markets
AI-Language Translation Helps Insurance Co. Expand in Market Shares and Geographically
Accurate information is a differentiator in a competitive insurance market. That collects first notice of loss information from customers. Using a technical solution to gather essential information allowed the company to maintain high-quality service for current customers while attracting new ones because adjusters initiated settlements faster than before.
Generative AI that Avoids Leading Questions
The implemented software quickly trained the generative AI to request critical information without identifying blame or identifying the responsible party, enabling the company to uphold jurisdictional regulations and minimize legal issues. The “no-fault” regulations require questions, prompts, and clarifying statements to minimize accusations and avoid bias or blame when collecting and storing insurance claim information. After a short training period, the virtual agent collects claim information without asking leading questions.
Comprehensive Solution for the Competitive Advantage
Additionally, the solution gathers specific details for claims while automatically answering less common questions. It collects vital and private information while maintaining security. It uses approved company definitions and regulatory information. It provides control to avoid hallucinations.
Revolutionizing the claims process with IBM Cloud services, including Speech to Text, Watson Assistant, Watson Discovery, and NeuralSeek combined with Amazon Bedrock expedited the adjuster process. The generative AI gathers particular details while handling additional inquiries. This comprehensive solution has improved efficiency and enhanced the customer experience.
Safeguarding Policyholder Data with IBM, Amazon Bedrock, and Cerebral Blue Technologies
For an insurance customer, the use of generative AI that avoids hallucinations is imperative due to the critical nature of the information being processed. Insurance involves handling sensitive data and making decisions that can have significant financial and legal ramifications. If the AI were to produce hallucinations or generate inaccurate information, it could lead to incorrect assessments of claims, resulting in unjust outcomes for policyholders. By using IBM, Amazon Bedrock, and Cerebral Blue generative technologies, the company implemented a solution that minimizes hallucinations while accurately collecting first notice of loss information. The data shared and collected is protected and shared in regulated storage.
Generative AI
The integration of IBM Cloud services and NeuralSeek’s generative AI technology, backed by Amazon Bedrock, has completely transformed the company’s insurance claims process. The generative AI technology is capable of gathering essential information without any biases or leading questions, which has made the claims process faster and more accurate. This has also enabled the ability to adhere to “no-fault” regulations, thereby minimizing legal issues and ensuring fairness in assessments. Additionally, the solution has implemented robust safeguards against inaccuracies and hallucinations, ensuring the integrity of the information collected and the decisions made. The solution also offers multilingual capabilities that give a competitive advantage in the market. Finally, the comprehensive nature of the solution supports data security and privacy.
Call outs
- Quicker assessment, settlements, and payouts on customer claim.
- Meet jurisdiction and regulatory compliance for accurate and timely processing of claim.
- Collecting information to minimize the risk of miscommunication or errors.