Does the thought of dealing with a chatbot fill you with dread? You’re not alone. Although chatbots are a cost-effective way to provide 24/7 insurance services, early versions often proved to be frustrating for customers. Fortunately, Generative AI has paved the way for a new type of chatbot. Here’s how chatbot technology is heating up and why every insurer should be incorporating this technology.
In claims, longer is never better. A lengthier time to close inevitably results in escalated emotions, more loss complexity, decreased policyholder satisfaction and an increased chance of litigation. By automating the FNOL and other claims processes, AI can help insurers reduce claims cycle times, lowering costs and deliver superior claims journeys.
The average cost of a data breach has climbed to $4.45 million, according to IBM. Companies don’t just need to improve their own data security; they also need to verify that their vendors and service providers are adhering to best practices. Here at Liberate, we take data security seriously, and that’s why we recently completed the SOC 2 compliance certification.
Liberate Innovations Inc. (Liberate) and Vanguard Claims Administration (Vanguard) have partnered to build a cutting-edge Digital Third-Party Administrator (TPA) solution designed to usher in the next generation of claims management, increasing efficiency, accuracy and the turn time of claim outcomes for clients.
Artificial intelligence can now write books, create code, and generate art. But what can AI do for underwriters? We’ve already looked at how generative AI can boost claims readiness; now let’s explore how AI assistants can help underwriters streamline decision-making, eliminate tedious tasks, and unleash their full potential.
Just as you wouldn’t build a mansion on quicksand, you shouldn’t build your insurance strategy on questionable data. Whether it’s AI, machine learning or underwriting and pricing decisions, the success or failure of every aspect of your company’s digital transformation may hinge on the reliability of your company’s data.
The rise of generative AI has struck fear into the hearts of many. Whether you are an underwriter, an adjuster or an actuary, you may have worried that ChatGPT and other AI tools are coming for your job. However, you can relax: AI will not steal insurance jobs – rather, it will make them more meaningful, impactful and rewarding.
Insurers Can Increase Efficiency & Satisfaction by Eliminating FNOL Language Barriers
Indigo Insurance has gone live with Liberate Innovations Inc. (Liberate) low-code SaaS platform, automating its auto insurance First Notice of Loss (FNOL) workflow.
Liberate, a best-in-class software-as-a-service (SaaS) platform that enables P&C insurers to fully automate claims and underwriting journeys, announced its launch today after raising $7 million in venture funding.
Liberate enables P&C insurance companies to build fully automated claims and underwriting journeys to reduce costs and improve customer experience.
Wildfires. Hurricanes. Tornadoes. CAT season is coming, and this year may be particularly tough on insurers. Don’t be caught unprepared. Generative AI can help you keep up with the coming claims demand.
If you want to get ahead of your competition, you may think you need to run twice as fast. A better option is to adopt strategies that are twice as smart. Technology is progressing at breakneck speed, and if you’re still using rip-and-replace strategies to update your core system, you’re falling into the trap of the Red Queen effect. To gain a competitive advantage, your insurance company needs a different strategy.
A little water can cause a lot of damage. To mitigate water loss claims, a fast response is critical. Unfortunately, traditional first notice of loss (FNOL) processes can lead to wasted time, and that leads to higher costs and poorer customer experiences. A digital FNOL that also triages time sensitive claims can reduce the time, damage, and costs associated with water loss claims.
Language barriers can be a major obstacle during the claims process. When details are lost in translation, misunderstandings and delays can follow, which can contribute to higher costs and a poor insurance customer experience. However, it doesn’t have to be this way. Thanks to a new AI-powered FNOL Plugin, language barriers can be a thing of the past.
Your underwriters and claims professionals need better support. By supplying them with cutting-edge automation, you can reduce the amount of busywork they have. This improves the insurance employee experience and frees your intelligent, capable team members to focus on more impactful initiatives. Stop treating your claims professionals and underwriters like human middleware and start giving them the tools they need to succeed.
Insurers are facing a customer experience crisis. Consumer expectations are evolving rapidly – if insurers can’t keep up, they stand to lose billions in premiums in the coming years. To come out ahead in the digital transformation race, insurers need a digital FNOL process that leverages reflexive forms to streamline the customer experience.
Claims and underwriting teams fight a never-ending battle with their inboxes. To solve this problem once and for all, it’s time for insurers to embrace a new kind of Inbox Zero. This doesn’t mean simply dealing with emails as they come in – it means leveraging digital tools to eliminate emails entirely.
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