Resolution life, an insurance company uses artificial intelligence software to assess claims within 15 seconds of the lodge. The company use the software to determine whether the claims are complex or easy within a few seconds.
Resolution life has a history of managing over US$365 billion of assets. It has served the needs of over 13 million policyholders. The company focuses on acquiring and managing portfolios of life insurance policies. The company under management in Australasia upgraded its model from an in-house built to one run out of the H2O.ai platform.
Processing is a multi-stage process
At an H2O world Sydney event that is featuring the latest advancements in AI solutions, machine learning and deep learning, Rajesh Malla, head of data engineering at Resolution Life’s said claims processing is a multi-stage process.
He further added, “When a claim is lodged, we would like to assess the claim at the right time and provide a customer with the right outcome,” Multiple steps are involved even before the claim. According to Malla, the first step is to identify the segment of that particular claim. It means figuring out whether the claim is complex or easy to move forward. Is it worth the time spent? Or if the company need to talk to the customers to understand the situation. Also, other issues like if the claim is made earlier or its continuation of the previous claim.
Segmentations were largely manual
He said, “So the segmentation of the claim makes a critical part of the claims journey. Previously the segmentations were largely manual. “Previously, when a claim was submitted, a claims manager needed to be assigned to the claim, open up a claim, look into it manually, [and] spend about a day or two – or a week in some cases – to identify the segment of that particular claim before we can start processing it,” Malla said
