Robots at the helm for claims

Insurance companies that don’t embrace the use of intelligent “learning” computer algorithms to speed up their claims process will be left behind, says a leading industry analysis firm. KPMG’s latest overview of the Australian industry has identified “machine learning” as a game-changer for the industry. Machine learning refers to a set of algorithms that predict current or future outcomes based on historical data. It is already in use by banks to identify irregular transaction activity. “The big question is why insurers have been so slow to start collaborating with machines,” KPMG states. “A shift from human resources to to automation should deliver significant cost savings. “KPMG has worked with a global insurer to develop an algorithm focused on efficient claims processing. The time to process claims was reduced from months…

Link to Full Article: Robots at the helm for claims

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