Achieve faster settled claims with generative AI

The customer is at the centre of everything in insurance, but when their needs are not met in the claims process, trust can diminish. FTSE250 software engineering experts, Kainos‘ latest whitepaper considers how generative AI can provide a faster and more personalised service that could improve customer experience and retention.  

Customer claims experience 

The claims process is often the ‘make or break’ touchpoint for customer retention and attrition, depending on the customer’s satisfaction of the experience. Customers can be left wondering about the status of their claim and eager to receive the compensation they require.  

Kainos, who recently invested £10m into their generative AI capability, have found generative AI to increase customer satisfaction through improving in these key areas 

  • Speed – Administrative tasks can be automated, allowing claims handlers to spend more time on higher value tasks and provide the personalised communication that customers desire. 
  • Efficiency – Generative AI can provide near real-time document comparison. For example, analyse customer policies for cover and exclusions and compare it to the claim summary. 
  • Clarity – Large language models could assist insurers with accurately communicating all information to the customer, ensuring they are able to make informed decisions about their claim. 

Could generative AI help insurers comply with consumer duty?  

Consumer duty principles by the FCA mandate that it should be as easy for all insurance customers to make a claim as it is to buy an insurance policy, therefore it is imperative that customers are adequately supported throughout the process and a fully inclusive claim service is provided. 

Bonnie Mollins, Inclusive Design Principal at Kainos says; “Insurers should focus on unblocking barriers to service use for people with a broad range of disabilities, all protected characteristics, and those who are digitally and financially excluded. The lack of access to financial services has real-world consequences for people who really need those services, and who without proper consideration would be disadvantaged by design. Providing every member of society with a service that’s right for them should be prioritised by insurers.” 

Employee empowerment  

Empowering employees through generative AI can improve the experience of customers and employees alike. Customers are often at their most vulnerable when making a claim, therefore a reduced manual burden such as with document analysis can allow employees to add value to the claims process by providing emotional support to sensitive claims and personalised written and verbal communication while administrative tasks are automated. Digitising and automating processes allows insurance employees to focus on high value tasks, increasing job satisfaction and improving employee experience. 

 

To find out more about the role that generative AI can play in improving the customer experience in the claims process, download Kainos’ whitepaper below. 

Download the whitepaper.

Image: © Tara Winstead via Canva
Josie Geistfeld
Josie is an editor for Claims Media. She welcomes feedback, comments, and opinion at josie.geistfeld@barkerbrooks.co.uk