Welcome to the future, where Artificial Intelligence (AI) is no longer just something out of sci-fi movies; it’s right here in our everyday lives. And yes, AI could even be involved in your insurance claims process, affecting the outcome. But would that be for the better? Is AI really capable of doing a superior job than people and the programmes they’ve relied on for so long?
We’re curious, and we’ll bet you are too (even if you don’t want to admit it). So, let’s dive into how AI is transforming this often-dreaded aspect of insurance into something smoother than your favourite Swifty playlist.
What is AI anyway
Before we get too deep into how AI is changing claims processing, we figured we should quickly recap what we mean by AI. In simple terms, AI refers to computer systems that can perform tasks typically requiring human intelligence, like understanding language or recognising patterns.
You could think of AI as having your very own digital assistant who never takes coffee breaks.
Speeding up claims processing
A major benefit of AI is speed. Traditionally, filing an insurance claim could feel like watching paint dry… It used to be really slow and tedious, and then over time, more efficient software and programmes were introduced which sped things up. But with AI-powered systems in place, the pace has accelerated. Now, minor claims can be processed almost instantly.
That means fewer headaches for you while waiting for approval after an accident or mishap.
Imagine this scenario: You’ve had a fender bender (yikes!), but you’re covered, so you submit your claim online with all relevant details uploaded in seconds. Thanks to AI algorithms, all this info, including the photos that you uploaded, as well as any data from your previous claims will be analysed in a matter of seconds. If you think about it, your claim could be approved before you even finish your coffee.
Fantastic fraud detection
AI doesn’t just have the power to increase how fast claims are dealt with. It can also weed out fraudulent claims. Fraudulent claims can cost insurers millions each year, and among other consequences, can end up causing higher premiums for everyone. Enter AI’s Sherlock Holmes-like abilities! By analysing patterns in data and identifying anomalies that might indicate fraud, AI software can flag suspicious claims before they even reach human eyes.
A great example is if someone claims damages from an accident, but has submitted similar claims multiple times before. AI will pick up these multiple incidents and raise red flags faster than you can say ‘insurance fraud.’
It gets a bit more personal
AI isn’t just changing how claims are processed… It’s also enhancing customer experiences overall, which we’re pretty excited about. We’ve started using AI in a lot of our processes already, including in the use of our royal chatbot, which is available 24/7 on our website. This means that we’re ready to answer questions at any hour (even when you’re binge-watching your favourite series) and give you the assistance that you need without waiting on hold forever.
Generally speaking, it also seems that these chatbots have the potential to learn from interactions over time, meaning that they become smarter and more helpful with every conversation they have.
The king’s connection
As we look ahead into this brave new world where technology meets tradition in insurance processes like claims handling, it’s clear that AI will continue playing an increasingly vital role in shaping customer experiences while improving efficiency across industries.
So next time you submit a claim at King Price, or anywhere else, just remember: Behind those smooth processes lies some seriously clever technology working hard so you don’t have to.
Click here or WhatsApp us on 0860 50 50 50 for a commitment-free insurance quote.
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Psst… This blog provides general info only, and doesn’t count as financial or product advice from King Price or our legal and compliance experts. Remember, all our premiums are risk-profile-dependent, and T’s and C’s apply. Our most up-to-date KPPD (policy wording) can always be found here.
Our website T’s and C’s can be found here.
