4 Benefits of Automated Claims Processing and Remote Inspections for African Insurers

benefits of automated claims processing

The age of automated claims and remote inspection is here, and there is no going back. The reason is simple, Artificial Intelligence and Machine Learning have begun to enable frontier acceleration of traditional insurance processes.

Claims processing is one crucial area every Insurer must get right to minimise risk, avoid fraud, stay profitable, and protect their policyholders. According to Verisk Analytics estimates the annual auto insurance premium leakage is a $29 billion problem. Hence, it is understandable why it is now vital for the industry to innovate and automate traditional claims processing and remote inspections for maximum efficiency.

At the core of innovation being witnessed within insurance per automated claims processing and remote inspections was COVID-19. With the pandemic fast-tracking innovation across several sectors, it made sense that African Insurance should not be left behind. When you add COVID-19 to the mix of poor insurance uptake in Africa, it meant that businesses were not onboarding as many new policyholders as the sector should and most likely witnessing more customer churn. Hence, the need for the turnaround of archaic claims processing that is not automated. 

Automated Claims Processing eliminates the reliance on manual workflows and human effort with AI and Machine Learning workflows. At the same time, remote inspection puts the policyholder at the forefront of expediating their claims request by providing visuals that the claims operating software need to ascertain claims demand.

If you think about it as an Insurer or policyholder, it makes sense to automate claims processing and remote inspections. Here are the significant benefits of automated claims processing and remote inspections for African insurers.

Read: Automated and Faster Claims for AXA Mansard

Streamlined Claims Processes: Automating insurance claims and remote inspections will enable Insurers to streamline their claims process. This would improve the productivity of insurance underwriters and allow organisations to maximise the output of their workforce. The data submitted by policyholders is well structured, managed and stored for future business insights.

Improves Customer Experience: Automating claims processes standardises the experience for policyholders. If the insurance sector in Africa is to continue its growth trajectory, incumbents and challenger insurance brands on the African market must deepen innovation through automated claims to deliver exceptional customer experience and retention.

The African consumer has experienced digital, and as technology permeates their daily lives, there is that awareness among them to be served better. Automating claims provides insurers with an opportunity to over-deliver and earn new loyal customers.

Minimises Risks: Automated claims simplify and more accurately help claims handlers with the help of Machine Learning, Artificial Intelligence and Big Data to make more accurate decisions which minimise risks and helps Insurers detect and reduce the number of fraudulent claims. Unlike many think, technology is not here to replace claims handlers but to partner and make them more efficient.

Increases Profits: With reduced overhead costs from physical claims inspections, automating the claims process will help Insurers increase profit and maximise revenue.

Saves Time: Automated claims and remote inspections save insurers time and help organisations move faster to improve customer experience and satisfaction.

Claims Automation is here to stay, and besides the fact that it improves how policyholders access claims, it can also position an insurer as an innovator on the African market. Are you curious about how automated claims and remote inspection can improve your promise to policyholders? Click here to schedule a demo session with our business team or email business@octamile.com.

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