Intelligent automation services for insurance

Here are six areas of insurance that stand to benefit from intelligent automation tools the most: 

Using AI, advanced analytics and RPA for insurance fraud prevention can reduce associated losses by: 

• Automating data verification. RPA can be used to pull data from third parties and compare it against the submitted documents to verify the employment status or check for undisclosed preexisting conditions, for example 
• Predicting the likelihood of fraud. Machine learning tools, like Zoreza global’s own engine, can "learn" the insurer’s policies and estimate the probability of fraud based on the customer’s history, typical payment amounts for different types of claims, and other data 
• Processing video footage and images. Computer vision, an AI- and ML-powered technology, can identify the environment and conditions in videos and images. This can be used to compare the declared circumstances with dashcam footage in the case of a car accident, for example 

Adopting technologies like RPA in the insurance industry allows forward-thinking companies to boost their profits by: 

• Replacing manual labor with tools that can run 24/7 as efficiently as ever, with no employee benefits or paid vacation required 
• Reducing headcount necessary for manual claim processing as the workload can be cut by as much as 80% 
• Enabling regulatory compliance with comprehensive audit trails that reduce the risk of fines 
• Mitigating the risk of costly human errors in every process, from adjudication to FNOL 
• Protecting the company’s assets against risks as they are predicted more accurately than humanly possible 
• Speeding up the workflows and improving employee productivity across the board 
• Boosting customer experience, which leads to better retention rates and net promoter scores