Applications of AI and Machine Learning for Insurers
If insurance companies are a ship, then fraudulent claims are a hole in the hull—a giant leak that must be plugged. Speed of settlement and a consistent and trusted process are critical for both insurers and customers but it’s a paradox as insurers also need to eliminate the risk of fraud and litigation. As a result, insurance claims can take weeks to process.
That’s why AiDA Technologies is powering leading insurance providers with an easier way to manage healthcare costs
We provide built-in validations including partial approvals and rejections reasons
Our system enables pre-approval, auto-registration and digital disbursements
With machine learning our system maps complex medical ICD codes with policy terms
Our system alerts potentially suspicious activity not foreseen by predetermined rules
When an insurance company processes medical claims, robotic process automation initiatives can indeed save time on clerical work. But, artificial intelligence and machine learning takes this one step further by analysing the entire claim, assessing whether it should be approved or not and automatically learning new claims patterns – giving it the ability to conduct full end-to-end risk management.