AI-Powered Insurance Claims Processing
Client:
Global Insurance Provider
Industry:
Insurance
Location:
United Kingdom
Company Size:
5000+ employees
Challenge:
Manual processing of 50,000+ claims monthly
Average processing time of 48 hours per claim
15% error rate in document processing
High operational costs
Customer dissatisfaction due to delays
Solution:
Implemented an AI-powered claims processing system using:
Technical Implementation:
Custom LLM model fine-tuned for insurance documentation
RAG (Retrieval-Augmented Generation) for accurate information extraction
Computer vision for document scanning and verification
Multi-agent system for automated decision-making
Real-time analytics dashboard
Integration with existing ERP system
Key Features:
Automated document classification
Real-time fraud detection
Natural language understanding for policy interpretation
Automated payment processing
Customer communication automation
Compliance checking
Results:
Processing Time: Reduced from 48 hours to 15 minutes
Accuracy: Improved to 99.3%
Cost Reduction: 67% decrease in operational costs
Customer Satisfaction: Increased from 75% to 94%
ROI: Achieved in 8 months
Annual Savings: £4.2M