How Artificial Intelligence Enables Smarter Claims Processing

Hollywood depictions of Artificial Intelligence include everything from C-3PO in "Star Wars," to the intelligent robots programmed to assist humans in "I, Robot," to the infamous HAL 9000 sentient computer character in "2001: A Space Odyssey." In real life, Artificial Intelligence (AI), which is the theory that a machine can imitate human intelligence, is a little less thrilling, but still deeply impacting with potential applications in nearly all business sectors. In the insurance industry, AI/cognitive computing is beginning to affect areas across the insurance value chain, and in particular, claims management, making them more automated and efficient. In fact, AI-enabled technologies are having the biggest impact in improving claims and automating claims processes, from First Notice of Loss (FNOL) to adjudicating the claim. For the consumer, dealing with a significant loss is stressful enough without having to manage an unwieldy insurance claims process.