February 18, 2022
Savings available for insurers through the use of AI
So now that an insurer knows Utopia AI can predict the areas of potential loss, the question becomes: How is the system able to do this?
Utopia AI uses the earlier decisions produced by the claims audit team, who have already identified problem areas. This means that it exactly mimics the decisions of real people who have previously examined claims leakage issues. The same data that has already been created as a part of the manual process is also used to train the AI. lt always reflects the existing bespoke analysis of each individual case.
By applying this insight and knowledge to new claims coming in, insurance companies can instantly assess the potential categories of loss. Acting early can lead to significant savings and a better outcome for claimants. Overspend on the administration and settlement of claims could become a thing of the past if an insurer knows in advance where the issues will arise.
Live reporting and instant analysis
Claims leakage causes insurers and claims managers to experience losses of as much as 10% of costs. Clearly, significant savings are possible. So how would insurers tackle this? They need live reporting that allows them to instantly analyse the potential issues for every new claim coming into the business. Utopia AI can mimic human decisions to predict potential areas of overspend, so that the insurer can act quickly and early to stop many of these losses from occurring. This real-time analysis and predictive power is an amazing tool to make changes in how a claim is handled and thereby reduce unnecessary costs. All this can be achieved in a few weeks once the system is able to analyse existing data. This means that the savings can begin to occur quite early in the process.
Utopia AI is a truly unique technology in this area of managing claims costs related to any type of claims. It’s a system that is always on, always working, and always alive to the opportunities for saving money.
If you’re looking to ensure cost savings and to prevent any types of claims leakage, you may book a one-hour free consultation with our AI experts by emailing us at email@example.com.