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AI Will ‘Revolutionise’ Claims Processing – Report

Staff Reporter by Staff Reporter
June 19, 2024
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Some 83% of UK insurers have either implemented, or are in the process of implementing, AI chatbots and generative AI, according to data from Gallagher Bassett. These technologies, it says, are proving instrumental in optimising customer service and enhancing claims processing.

Gallagher Bassett’s Carrier Perspective: 2024 Claims Insights report further highlights that 93% of insurers in the UK anticipate improved speed and operational efficiency, 73% foresee reduced costs, and 70% expect enhanced customer service. More than half (55%) of insurers predict better claim outcomes overall due to AI adoption.

“In response to these economic challenges, Gallagher Bassett is prioritising the use of AI and data analytics to make precise predictions and informed decisions in this rapidly changing environment,” said John Fearn, chief operating officer, Gallagher Bassett UK. “The integration of AI promises substantial benefits across the insurance sector.”

Gallagher Bassett is itself exploring the benefits that AI-enabled decision-support tools can provide to its people across various stages of the claims process, including intake and triage, claims assignment, investigation and reserving.

Despite the benefits, the integration of AI does pose a few challenges. In the UK, 33% of insurers are concerned about seamless AI integration into business operations, 28% about compliance, and 20% about data privacy and security

AI is also “pivotal” for disaster assessment and claims processing, according to the report. Gallagher Bassett’s global survey shows that 37% of insurers are incorporating new technologies for assessing disasters and resolving claims, a figure slightly higher in the UK at 38%. Best practices include the use of satellite imagery, 3D technology and predictive modelling to analyse large datasets.

Source: cirmagazine.com
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