Apart from claims already losing insurers’ money, claims fraud is estimated to cost the insurance industry over US$80 billion let alone in the United States. According to a McKinsey report, by 2025, claims are estimated to be automated by 50% using AI and Machine Learning techniques. Additionally, a report from DASH estimates AI can save the industry up to US$40 billion in fraud reduction - annually, to this date.
Integrating AI in your claims management is not only applicable to enhance fraud detection. Automating simple claims processes greatly accelerate decision-making, which can lead to better customer experiences. The overall result is high-volume, low-cost insurance claims.