The value of the car insurance sector accounts for a significant share of the global insurance industry. To optimize claims management processes vehicle insurers are adopting advanced analytics technologies to establish their competitive advantage in an increasingly dynamic industry.
Car
Insurance
Utilize data to process car insurance claims efficiency, mitigating the risk of fraud and ensuring proper payment mechanisms.
Automate car claims processing
WITH umAI SOLUTIONS:
- Receive the next best recommendation on what to do with your claim
- Analyze a large bulk of textual data and automatically extract and analyze all information
- Reduce the dependence on subjective claims handler evaluations prone to human error
- Easily manage vehicle claims with multiple claimants
- Increase the quality of customer service
Address car insurance fraud
The abundance of data insurance companies store presents an opportunity to automate processes to better detect instances of fraud. AI systems can effectively detect various fraud scenarios such as exaggerated damage assessments, claims for an unexpected medical procedure after an accident, or an abnormally long time between a vehicle accident and claim application, among other scenarios.
WITH umAI SOLUTIONS:
- Receive the next best recommendation for your claims processing
- Identify suspicious patterns in claims
- Utilize sophisticated algorithms to assign suspicious scores to claims
- Reduce unnecessary and fraudulent payouts
- Fast-track resolutions for unsuspicious claims giving them more time to investigate suspicious claims
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The state of Insurtech in 2023: How Insurtechs are changing the face of insurance for good
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