Techniques of Claim Settlement

Claim settlement is one of the most important services that an insurance company can provide to its customers. Insurance companies have an obligation to settle claims promptly. Technology is now being increasingly utilised to make the insurance claims simpler faster and more cost effective The nature of the claims process makes certain tasks repetitive and the outdated processes do little to improve claim turnaround times leading to frustrated customers. Advancements are being made in the field of Artificial Intelligence (AI) and the technology holds enormous potential for disrupting the insurance industry especially the claims process. Times are changing slowly but surely as insurance companies are embracing technology in an attempt to make the claims process faster consistent and qualitative.