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How Chatbots can settle an Insurance Claim in 3 seconds

At Amazon’s prototype grocery store, Amazon Go , customers can walk in, pick up what they want and walk out, without ever waiting in a checkout line or pulling out a wallet. Amazon will automatically charge their account and send them a receipt. Run out of paper towels? No problem. Amazon Prime customers can place an order from their phone and get same-day delivery.

Unlike Amazon, and many other product and service providers, insurance companies have fewer opportunities to interact with customers, and those opportunities are less rewarding. Insurance is traditionally a “selling” process not a “shopping” process, and claims are the necessary outcome of an unfortunate event. For insurers looking to turn the tables on a less-than-ideal dynamic, artificial intelligenceArtificial Intelligence knows many different definitions, but in general it can be defined as a machine completing complex tasks intelligently, meaning that it mirrors human intelligence and evolves with time. can transform both the customer experience and the claims process.

Chatbots have the answers

What problems can solve for insurers? Many are investing in chatbotsChatbots are computer programs which were engineered to converse in spoken or written form with humans. They are usually used in dialogue systems with a limited topic range. For example, they can answer basic customer questions or help you buy the correct train ticket., powered by , to improve customer experience. Chatbots are fast and efficient, and customers can interact with them in the way they are most comfortable communicating — via whatever mobile device they have in their pocket. And unlike humans, they can help more than one customer at a time and are available around the clock. Chatbots are not strictly a utility play. When they are designed to have personalities that align with the brand powering them, they move from simply transactional to transformative customer experience.

In a recent Accenture study of the insurance industry, 68 percent of respondents said their companies use some sort of -powered virtual assistant in at least one segment of their business. Geico’s virtual assistant, Kate, for example, answers basic policy and billing questions within an app. Digital insurer Lemonade takes things a step further. Their chatbot, Maya, sells inexpensive homeowners’ and renters’ insurance, and their claims botA bot is a piece of code, which does a predefined set of actions on behalf of someone. Bots are used to manage Twitter Followers, they answer email requests or order more supplies as soon a certain item runs low., Jim, makes Amazon Prime’s same-day delivery look slow — it recently settled a simple claim in three seconds.

As chatbots become more commonplace, they are making their way into behind-the-scenes claims processes as well. Tableau’s prototype chat software, Eviza, has a voice interface, so users can drill into its signature data visualizations simply by asking questions out loud. Clara Analytics offers askClara, a chatbot they bill as a “24/7 personal assistant to the claims handler”. Like customer-facing chatbots, it can answer routine questions about a given set of claims.

Machine makes sense of data

Insurance companies are sitting on a trove of the one thing requires to be successful — data. And technologies like machine have the ability to make that data actionable. Machine can look at data in a number of different ways. It can rank information, putting what it thinks you are looking for at the top of a list; classify information like images; make recommendations; and associate something with a numerical value. It can also group similar things together and detect anomalies.

For example, by reviewing data from closed claims, machine algorithmsAn algorithm is a fixed set of instructions for a computer. It can be very simple like "as long as the incoming number is smaller than 10, print "Hello World!". It can also be very complicated such as the algorithms behind self-driving cars. can identify both straightforward claims for automatic processing and complex claims that are more likely to require human intervention. By identifying commonalities in closed claims that resulted in litigation, it could predict which new claims might take a similar path and recommend preventative measures. Anomaly detection plays a big role in identifying fraud of all types. It could, for instance, be used to flag abnormal pharmacy prescribing patterns and alert an adjuster that some kind of clinical review might be necessary. The possibilities are limitless.

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