3 Challenges of Adopting AI in Claims Processing

Many insurance companies are automating their claims processing as it minimizes turnaround time, regulation and claims processing cost leading to enhanced customer services and business profitability. FREMONT, CA: Claims processing cost and fraudulent claims payment raise operation cost of the companies and cause a lot of hassle for customers. This is why claims management has become a priority for insurance companies as it influences the bottom line and customer retention strategies. Digital transformation and artificial intelligence (AI) can optimize claims management practices and provide improved customer satisfaction. However automation in the insurance industry can face some challenges.