The insurance industry seems to be still lagging behind in exploring AI  opportunities which are still hidden across the globe. Particularly considering Insurance Business, investment in AI is only 1.33% whereas investment in software and internet technologies is a whopping figure, 32%! Insurance market still seems to be dominated by a multitude of national and international brands and legacy product portfolios have evolved insignificantly overtime. Customer experience is a vital area which is still struggling because of lack of clever innovation in this industry be it on product side or process side. Nuvento AI solutions contributes significantly towards innovating this industry through a systematic, problem solving approach spanning across all business functions. By deploying a clever and appropriate problem solving AI based approach you can improve results, productivity and ultimately the firm’s profitability.

It is estimated that on an average, 2 out of 3 VEHICLE insurance claims can be “underpaid” if the claims are paid within 48 hrs. “I want everything right now” is the trend in this fast and insanely tech-oriented era; in such a scenario it might look easy to simply upload photos using a cell phone to your insurance company so that estimate process speeds up and customer can accomplish repair fast enough. Nuvento AI Claim solution uses image analysis and predictive analytics tools; VEHICLE Insurance companies can now provide instant damage estimates and rapid processing of claims based on uploaded accident photos, which will help them to reduce claim expenses and time by 50%.

Key Benefits Include:

1. Reduced claims processing time: Nuvento AI claims solution noticeably reduces claims processing time. Speed and efficiency of operations is one area which benefits the most with Artificial intelligence deployment in Insurance business. Following are the key areas that would help you reduce claims processing time:

• Real-Time Benefits Verification: This feature considerably reduces the processing time of insurance claims. This avoids long duration phone calls and long holds in processing claim documents.
• Electronic Billing: Electronic claim submission is the growing trend which saves considerable time in mundane tasks which involves processing huge amounts of paper claim documents.
• Electronic Remittance Advice (ERA)

2. Increase carrier profitability:  Profitability is directly proportional to faster claims processing which has a direct impact on overall productivity and smooth operations. Predictive analytic tools used by Nuvento is found to be very efficient in faster claims processing.
3. Better Customer experience : Human intervention is considered to be minimal with more than 85% customer interactions predicted to be managed using AI. Nuvento AI claims processing solution automates the tedious claims processing and saves considerably on time and cost.
4. Increase customer retention: Better customer retention scores are one of the most critical deliverable with the deployment of Nuvento AI claims processing solution. Happy customers are the assets to any progressive and innovative insurance brand. Happier the customer, higher would be the retention rate. No one likes to wait for weeks and months to get the claim processed.
5. Increase claim accuracy: Claim accuracy is expected to be the maximum with minimal human intervention, to err is human, AI can considerably minimize errors in otherwise manual claims processing.

Dramatic waves of change in tech arena are shaping and shaking the insurance sector worldwide. Futuristic insurers just don’t wait and watch, they invest in sophisticated AI solutions provided by progressive tech brands like Nuvento in order to be more and more customer centric, improve pricing and create operational efficiencies.