Traditionally, the key impediments to change for insurers included long-established processes that rely on legacy systems and a workforce under strain. But, in the recent past, the insurance sector has undergone a massive acceleration toward digitization and automation.
P&C insurance carriers were already on the path of adopting automation in the FNOL process long before the COVID-19 Pandemic. With the overnight shift to remote working, claims surges resulting from the havoc pandemic, and consumers shifting to mostly digital communication channels, insurers significantly altered their digital priorities. FNOL was one of the processes that rose to the top of the priority list.
As a response, the market has seen an increase in AI and automation software platforms to facilitate processes and new working challenges. A transformation roadmap for claims starts with embracing these technologies for an impeccable end-to-end client experience at each claim stage. Automation and AI offer a proven pathway to produce a better FNOL service while leveraging core legacy systems. These technologies bring both legacy and contemporary systems into the process to create a seamless workflow.
At Key Management Group Inc., we help insurance businesses harness the power of Artificial Intelligence (AI), NLP, Clustering, Sentiment & Cognitive analysis, and Image & Video analytics to make intelligent business decisions and drive profitable business outcomes. Please visit https://bit.ly/3xcRO4Y to know more about our FNOL solutions.
Applying AI technologies and automation to FNOL can deliver value to P&C insurers.
Many insurance carriers are still in early stages of truly capitalizing on automated FNOL tied with AI. But, over the next few years, automated FNOL will become far more common across the insurance business line. As more data flows in and is digitized and analyzed, insurers can derive significant benefits from AI solutions across the complete claim lifecycle. This develops a win-win scenario for both claimants and carriers.
Get in touch with us at https://bit.ly/3v1frOo to know more about our automation solutions!