The Xanadu release includes several significant developments to Financial Services Operations for Insurance, including Generative AI functionality purpose-built to minimize the complexity and frustration of claims processes.
Improve claim response time with generative AI
Now Assist for Financial Services Operations: Claim summarization:
Now Assist for Financial Services Operations: Claim summarization utilizes generative AI to gather an initial summary of a claim to provide employees with crucial case context in a concise, digestible format.
Insurance customers expect convenient and transparent experiences, and a claim is often their first major interaction with their carrier. Dissatisfied claimants have been known to switch insurers after a bad experience, with nearly 30% in the P&C space switching in the past two years*. Therefore, it’s so important for carriers to have optimized claims processes in place. However, for most carriers, inefficient internal processes directly impact the claims experience. Manual reviews of dense information slow down the process and increase errors, leading to inconsistent case summaries, misinformed employees, fragmented experiences, and policyholder attrition.
Claim summarization powered by Now Assist uses generative AI to address these challenges head-on and help employees focused on claims, such as a claims managers, adjusters, examiners, processors, and customer service representatives recognize benefits such as:
- Obtain crucial case context through straightforward, concise, role-based claim summaries that improve response time, reduce mistakes, and elevate employee productivity.
- Boost policyholder satisfaction with better informed agents, minimizing the need for agents to repeatedly ask a policyholder the same questions.
- Handoff complex claims between adjusters without disrupting the journey and ensure accurate, consistent data with a synthesis of claim work and history directly in the case file.
In addition to claim summarization, the Xanadu release introduced further Now Assist powered features to Financial Services Operations for Insurance, including email reply recommendations, chat reply recommendations, and prompt configurability.
Email reply recommendations can instantly generate and re-write emails using generative AI. This will enable employees of insurance organizations to automate the generation and re-writing of emails, which can then be viewed and sent to policyholders. Employees can (a) choose from the available templates through recommendations, (b) ask Now Assist to compose an email from scratch, or (c) ask Now Assist to re-write the template email to match any tone or sentiment they feel best suits that policyholder. This will help employees:
- Respond to policyholder emails quickly and effectively.
- Personalize email replies to match policyholder tone and sentiment.
- Reduce the time, effort, and manual errors of writing many detailed emails per day without any guidance.
Chat reply recommendations can instantly generate and re-write chat messages using generative AI and allow employees to get contextually relevant chat or call response recommendations in real-time. Since chats and calls are live interactions, employees need to respond quickly to keep the policyholder satisfied. Today, employees spend considerable time searching the knowledge base for appropriate solutions to send the policyholder, they need to compare case context to the knowledge article to see if the solution is actually relevant, and it’s extremely difficult to identify upsell/cross-sell opportunities while listening to the policyholder, reading a script, and staying actively engaged.
With chat reply recommendations, employees of insurance organizations can:
- Respond to policyholders quickly and effectively during live chat interactions.
- Personalize chat responses to match policyholder tone and sentiment.
- Acquire recommendations that will help to effectively position offers at the right time.
Prompt configurability can customize case summary and resolution notes prompts with fields and related records. With prompt configurability, employees of insurance organizations can:
- Receive better summaries, allowing them to know how and when best to act.
- Handle cases more effectively and with more empathy and confidence.
- Improve productivity with more complete, full context summaries.
Digitize life claims for streamlined processes and better experiences
Life claims foundation:
Life claims foundation is an application that enables the digitization of the end-to-end life claims process through persona-based workspaces that allow for multiple policies and multiple beneficiaries to be supported from a single claim file.
Just like in the property & casualty space, dissatisfaction of a life claims process is a driving force behind policyholders switching insurers. When a policyholder is filing a life claim, chances are something terrible has just occurred in that person’s life, such as the loss of a loved one. Therefore, there is a heightened need to deliver a convenient and empathetic claims experience. That positive experience is nearly impossible to bring the policyholder when working with outdated architectures and technology. The claims process is already complex, with a lot of data and multiple teams throughout the organization needing visibility into the claim to effectively to do their jobs. The process becomes far more complex when data is sitting in multiple applications, causing key personas across the claim's lifecycle to lack critical cross-functional visibility, which inevitably leads to dysfunctional task management.
With Life claims foundation, insurers can:
- Digitize life claims and streamline processes for greater cross-team clarity, less manual work, better employee and policyholder experiences, and reduced policyholder attrition.
- Relieve employees supporting the claims lifecycle of time-consuming tasks with automation and task orchestration capabilities for the end-to-end life claims process.
- Avoid confusion and allow for quicker processing with multiple policies and beneficiaries supported from a single claim file.
- Increase speed to market with a robust foundation and data model that allows customers to easily expand use cases.
Learn more:
In addition to these major enhancements, insurance customers also benefit from the new and impactful features found in Customer Service Management. To learn more about these features, check out the Customer Service Management blog.
For more information on Financial Services Operations for Insurance, visit the product page.
*Source: Accenture, “Poor Claims Experiences Could Put Up to $170 Billion of Global Insurance Premiums at Risk by 2027”, August 2022
