Insurance leaders face a number of challenges when it comes to determining whether AI technology can benefit their organization. On the one hand, AI has the potential to transform the insurance industry by streamlining processes, increasing efficiency, and improving customer service. On the other hand, the implementation of AI, in some cases, can require significant investments in technology and personnel, and there is no guarantee of success. Further, AI technology is complex and constantly evolving, making it difficult for insurance leaders to stay up-to-date and assess its potential impact on their organization.
One thing is for certain, the market is inundated with AI technology offerings utilizing different technology and terminology, making it challenging to compare and contrast similar solutions and understand where they fit.
In this article we’ll begin with the preparation required to ensure claims organizations make the most of AI-powered technology and the value it provides. Let’s explore the key steps that insurance claims leaders can take to best prepare to use AI to improve their claims processes.
Identify Key Business Challenges: – The first step in preparing to use AI is to identify the key business challenges that need to be addressed. This could include improving claims processing times, managing documents and forms, reducing fraud, or improving customer satisfaction. By identifying these challenges, you can determine which areas of your claims process are best suited for AI and how it can be used to address these challenges. For our customers at Foundation AI, the challenge of manually processing thousands of daily inbound claims documents and mail is a clear candidate for the introduction of AI-powered automation.
Define Your AI Strategy: – Once you've identified the areas where AI can have the biggest impact, it's important to develop a coherent strategic plan. This includes determining which AI technologies and tools are best suited for your needs, as well as the specific goals and outcomes you want to achieve. You'll also need to consider how AI fits into your overall business strategy and how it can be integrated with existing systems and processes.
Build the Right Team: – Claims leaders going forward need to invest in people to ensure that advanced analytics are viewed as a crucial capability across all parts of the organization. The next generation of frontline workers will be in high demand and expected to work well with technology and automation. For example, the days of manual manipulation of forms, documents, correspondence, notices and other materials is coming to an end. This will be a culture shift for many organizations to be sure, however, the benefits from AI-driven automation will allow those workers to focus their time on value-creating work and improved customer experience.
Collect and Prepare Data: – AI relies on data to learn and make decisions, so it's important to collect and prepare high-quality data that can be used to train the AI models. This includes collecting data, documents, correspondence and other material from a variety of sources, including internal and external data sources, and ensuring that the data is accurate, complete, and relevant.
Implement and Monitor: – Once your AI technology is in place, it's time to implement it into your claims process. This includes integrating the technology as seamlessly as possible into your existing systems and processes, as well as training your staff on how to use them. It's equally as important to monitor the performance of your AI technology on an ongoing basis and make adjustments as needed.
Using AI-powered technology to improve claims processes requires careful planning and preparation. By following these key steps, claims leaders can ensure that they are fully prepared to implement AI in a way that delivers real value and helps them stay ahead of the competition.
