Care Health Insurance cuts claim settlement time by Artificial Intelligence

The Artificial Intelligence is making inroads in insurance industry. With the technological innovations catching up, the use of AI has the potential to bring a severe disruption in seamless customer experience, efficient claims management, reduced turnaround time and has also helped save costs. Care Health Insurance has introduced an online claims solution – ‘Claim-Genie’ which is available both on its mobile application and website. Through ‘Claim-genie’ the customers can file and track claims from the comfort and safety of their homes. “It is a platform that we have given to our customers which is a one-click platform enabled on different touchpoints for a website, mobile application or self-service portal, where customers can come in, initiate a claim, upload the details and documents required,” he said. All claim related updates and documents are made available to our customers via whatsapp & chat-bot. The customers can get updates and can keep a check on the status of their claims. It also helps them with the different processes which are to be followed. “In a way, the physical touch which was earlier needed where someone actually had to send in the documents, wait for the courier to be delivered and then the action to be taken, some of those processes have been fully onboarded,” said Suresh Kolla, Head-IT, Care Health Insurance said. “There was a lot of to and fro earlier because the customer basis his or her understanding would share some documents. Only when it comes to our team, deficiencies if any would be raised. This used to take a lot of time which has gone down significantly,” he added. According to Kolla, there has been a 40-45% reduction in time to process the claims. This has also decreased the number of calls which the company used to get earlier. Earlier, the customers would call to get the updates on the status of their claims. With the claim gene, they can see the status on their phone itself. Hence, the number of calls has gone down by 30-40%. By making use of artificial intelligence and machine learning techniques, the company is also developing a robust mechanism of analysing claims in order to recommend further actions to the servicing teams.