Approximately 10% of all insurance claims are deemed fraud. However, empirical research indicates that European Insurance Companies, on average, only succeed in uncovering about 1% of fraudulent cases.
Despite significant investments in fraud detection framework to analyze policyholder data through advanced technologies using AI, Machine Learning, Predictive Modeling, Blockchain, Biometrics etc the majority of fraud remain undisclosed.
New AI technologies accelerating human behavior has proven to add a further 2% savings of the total claims costs.
The continuous configuration and development of core IT solutions to optimize workflows, improve efficiency and business performance is a challenging problem that has not yet been solved.
The limited IT resources and the continuous influx of new requirements strain the system, creating a growing backlog of unresolved requests for optimizing systems and workflows. These challenges prevent employees from achieving greater efficiency.
Now, incorporating a layer of behavioral intelligence that overlays IT systems, has proven to unlock a remarkable boost in efficiency of 10-15%
In non-life insurance areas such as property, contents, casualty, and workers' compensation, subrogation can yield savings of up to 3% on the total claims costs.
It is surprising to note that many companies can only identify a mere 1-1.5% of these potential savings. The primary challenge arises from insufficient information provided in the damage description and claims data.
Often the information is simply not there. Thus, Data Analytic technologies’ fail to reveal the potential subrogation savings. Furthermore, claims handlers often overlook these cases due to their infrequent occurrence.
Behavioral intelligence using micro nudging has now proven to add a further 1-1,5% savings of the total claims cost.
Driven by the pursuit of growth and profitability, businesses aim for various key objectives such as acquiring a larger customer base, increasing average basket size, and improving customer retention.
In the insurance industry, a 15-20% churn rate is common, making sales and customer retention top priorities. As a result, substantial investments are made in sales training, Sales Analytics and Business Intelligence (BI) Tools.
However, despite these efforts, significant variations persist in the individual salespeople's success levels. Now using artificial intelligence to accelerate human behavior has shown a promising new way to create significantly better sales results.
No need to tie up valuable time of internal IT resources. The Peopleway® Cloud based SaaS Solution is a standalone out-of-the-box solution to creates instant results.
Using Machine Learning to accelerate claims adjusters' behaviour, Insurance Companies increases the detection of high-quality fraud leads by 200-300%
Peopleway® instantly increases savings. The return on investment is typically within 3-4 weeks. License Peopleway® today to grow your business tomorrow.