[ Summary ]
Discover how Lazarus AI accelerated claims processing for a leading US Life Insurance company by reducing time-sensitive claim handling from 30 days to just 30 minutes. By seamlessly integrating advanced AI technology into existing systems, Lazarus AI enhanced accuracy and efficiency, mitigating reputational and regulatory risks while improving customer satisfaction.
Insurers have spent fortunes addressing data challenges, implementing solutions ranging from MDM (Master Data Management) to much more tactical data investments. Despite all of these investments, the reality is that many aspects of data processing still are executed by humans. Due to this reality, the industry is simply not interested in removing past investments while investing fortunes more, especially to solve problems that appear straight forward. So Insurance is at a juncture where despite significant investment many processes are still very people intensive.
Using AI to do simple tasks where human intelligence is being used, although not required, remains a large opportunity. Simple tasks such as data extraction, including signatures, should be solved for using technology but without large additional capital investments. Specific client example: One of the largest supplemental insurers in the US had this exact issue. That is, a situation where human intervention was applied to thousands of documents requiring people to manually extract information and verify evidence of a signature. A process so mechanical that it essentially turned humans into robots. However, the company has confidence in this manual process so a requirement for any change was that the proposed solution had to provide confidence levels as it executed the processes.
Lazarus AI brought one of our proprietary business trained models to this problem. Without further training, the model began processing the input documents extracting dozens of input fields and verifying signatures. There was a need to do prompt engineering and Lazarus AI provided thought leadership although the insurer is demonstrating abilities to become self sufficient; which is a goal of Lazarus. Lazarus AI latest models have ability to provide confidence levels, by field if needed , as well as explainability of results in English (or any other desired language).
The solution demonstrated accuracy consistently above 97%. All of the results were provided with confidence levels that met insurer expectation. Over the next two years, the volumes of pages processed will be in the millions. Millions of pages being AI processed as opposed to manually reviewed & extracted. The insurer does not view this as an opportunity to slash staff. Rather, it is viewed as an opportunity to let insurer staff focus on real value, such as personalized customer service, as opposed to cutting and pasting. Project leaders also see this project as an opportunity to show the power of AI internally. The project leadership is confident that this success will show others within the company the value of AI when properly applied.
Lazarus AI brought AI technology to data extraction and signature verification activities. This was done with very high quality and with associated confidence levels, enabling "Human in the Loop" functionality.