AI-ENHANCED CLAIMS PROCESSING: STREAMLINING INSURANCE OPERATIONS

Abstract

Over the past few years, artificial intelligence (AI) has become a disruptive phenomenon for various industries. Artificial intelligence (AI) has seen extensive use in several sectors, including healthcare, hospitality, transportation, real estate, construction, finance, and many more. There were early preparations for the integration of AI into the banking and finance industries throughout the world. The early days of Nasdaq's securely linked network of trading desks for integrated client data records have given hope to the insurance industry for the potential use of AI. Data analysis, outcome prediction, and insurance-related decision-making are all areas that benefit from AI. Businesses are adjusting their internal processes and user interactions in response to the growing capabilities of artificial intelligence (AI). While AI is already finding several uses in the insurance industry, the exact manner in which it may shake up the industry remains unclear. Twenty insurance firms were the subjects of this study, which analysed their use of AI-led automation. Based on the results, four different business models (BM) have emerged: In the first scenario, third parties with better data and AI are given more sway in the value chain, while the insurer plays a lower role. Using AI to boost efficiency, the insurer in the second model maintains the same model and value chain. As for the third model, it's all about the insurance embracing AI and exploring new data and consumer sources. In the last model, a tech business leverages its AI expertise, better data, and large client base to provide insurance.

Key Words: Artificial Intelligence, Claims Processing, Insurance Operations, Ai-Enhanced practices.