Page 37 - The Insurance Times May 2025

InsurTechs

InsurTechs deploy AI

to reshape claims

and customer

experience in Saurabh Tiwari

Chief Technology Officer
insurance Policybazaar.com

For decades, streamlining the claims experience has been nothing short of navigating a maze
without a map for the insurance industry. For customers, filing an insurance claim is hardly an
experience anyone looks forward to. It usually comes in the wake of a distress, like an accident or
a medical emergency or worse, an untimely loss.

F or decades, streamlining the claims experience has faster resolutions, fewer errors and more empathetic cus-
tomer experiences.
been nothing short of navigating a maze without a
map for the insurance industry. For customers, fil-
ing an insurance claim is hardly an experience any-
one looks forward to. It usually comes in the wake of a dis- Reshaping claims and customer experi-
tress, like an accident or a medical emergency or worse, an ence with AI
untimely loss. The trouble only gets compounded if the AI's ability to extract, analyse and act on vast sets of data
claims process is time-consuming and lacks clarity. For in- in real time has brought down the turnaround time and
surance companies as well, navigating a sea of unstructured improved efficiency significantly. Claims that once required
claims with manual mechanisms used to be a high-wire act. endless paperwork, manual vetting, and back-and-forth calls
But with technology coming into its own, the narrative are now being assessed by intelligent algorithms. These
started changing. models evaluate images, hospital records, voice inputs and
digital forms - all within a few seconds.
The past decade has seen a phenomenal rise in InsurTechs
acting as a bridge between insurers and customers by har- If we talk about motor insurance, AI-powered image rec-
nessing the power of digitisation. Now, with artificial intel- ognition is being used to assess damages by analysing pho-
ligence stepping into the spotlight, that bridge is becoming tos submitted through apps. Not just that, AI has trans-
smarter, faster and far more intuitive. AI is being deployed formed the way large-scale vehicle inspections are con-
not just to automate routine processes but to intelligently ducted, especially for lapsed motor insurance. Instead of
assess claims, detect fraud and assist customers in real time physical checks, customers can now complete video-based
with conversational bots and personalised guidance. inspections, where deep learning models analyse several
attributes including odometer readings and surface damage.
Here's breaking down how AI is mapping the way toward Generative AI adds another layer by flagging issues like poor
34 May 2025 The Insurance Times