Automated Case Creation for Insurance Claims Processing and Settlement Using AI and OCR
The Current Scenario
AI-based automation is revolutionizing insurance claims processing and settlement by enhancing efficiency and reducing human errors. Through machine learning, AI categorizes and prioritizes claims, detects fraud, and evaluates settlements with minimal human intervention. NLP and Optical Character Recognition (OCR) play a key role in streamlining document handling.
Manual or traditional ways of insurance claims processing and settlement fail to meet the need for greater efficiency, accuracy, and customer satisfaction. They come with several challenges such as:
- Scalability issues and delays
- High operational costs
- Human error and poor CX
- Complex document management
- Ineffective use of data
Faster and Accurate Claims Processing and Settlement with AI and OCR
A leading healthcare SaaS company had a similar business challenge. They sought Harbinger’s expertise to develop an automation solution that can be applied to insurance claims processing and settlement.
With pre-trained and custom AI models and OCR, our InsurTech experts eliminated the need for manually creating cases for the appeals and grievances received by our client. We helped their operators create insurance claims processing and settlement cases in a streamlined, accurate, and faster way.
What was the Impact?
Our AI and OCR-based automated solution enabled the client to save time and effort, reduce errors, and avoid loss of critical data in insurance claims processing and settlement. In addition, the client realized the following measurable benefits:
- 80% accuracy of the overall insurance data generated and extracted
- 90% accuracy of the case type insurance data generated and extracted
Learn more about this AI-powered InsurTech solution and how it automated and streamlined insurance claims processing and settlement.
