[ Summary ]
In partnership with our customer, a leading US Insurance company, we engineered an AI first data processing workflow by automating data extraction and signature verification. With over 97% accuracy and confidence levels, this solution allows staff to focus on high-value tasks, showcasing the transformative power of AI in the insurance industry.
Many claims activities are time sensitive from the perspective of a claimant. However, large scale insurers have to optimize processes at a macro level and very time sensitive claims may be obscured in a backlog. A slow process causes customer dis-satisfaction, reputational risk, risks retention and may cause DOI complaints.
For those time sensitive claims, use advanced technology, specifically AI, to more adjudicate orders of magnitude more quickly but with same, or higher, accuracy.
A US Life Insurance company, who is also a top 6 Disability Income writer, had this exact problem. Their particular claims sensitivity topic was for birth related claims, which are very time sensitive. The insurer needed a solution that would quickly examine the claim for validity, eligibility and also execute fraud detection (e.g. if someone reported multiple incidents of birth in a 9 month period, the claim needs further review). For this insurer use case, the carrier had all required documents and data but these specific types of DI claims were mixed into a larger claims queue.The latency to review these birth related claims were so long that there was evidence of medical providers submitting the same claim multiple times, exacerbating the service challenges for the entire queue.
For this solution, Lazarus AI used our most advanced AI technology available. Our most advanced AI technology, ATLS, uses an orchestration approach, meaning a business outcome is assigned Lazarus AI orchestrates a solution using the proper AI tools. The Lazarus AI solution via API did not require the insurer to rip and replace past technology investments but allowed a seamless integration of advanced AI capabilities into the existing application infrastructure. Indeed, the Lazarus AI integration approach actually allows greater value to be derived from past technology investments. Stated differently, Lazarus AI approach allows a technology upgrade—without upgrading your existing technology.
For the time sensitive claims, process time went from an average of three weeks to 30 minutes.
Lazarus solved the time sensitive claims with same levels of accuracy reducing risks from a reputation, regulatory and consumer perspective. Lazarus AI did so by integrating into insurers existing technology set.