As with every other industry, insurance is becoming more technologically advanced (read 'disrupted') by the day. However, the transformation is quite slow.

There are several reasons for this, and one of them is that insurers are struggling to attract and retain top-talent despite insurance being a multi-trillion dollar, high-growth industry.

In the report - Innovation for Artificial Intelligence in Life and P&C Insurance by Gartner analyst Kimberly Harris-Ferrante;

“Adoption and maturity of AI are increasing among insurance early adopters as they test new use cases and technologies. Insurance Chief Innovation Officers and Product Leaders can benefit from greater awareness of AI fundamental use cases and the impact of AI to help guide innovation.”

At Curacel, we couldn't agree more.

At Curacel, our claims product designed to give insurers the innovative tools to reduce fraud and waste, and the quick introduction of greater automation into HMOs and Providers claim process - have AI at the core.

We've made the resolve early that the best way to enable claims professionals to do their jobs more efficiently and effectively, with more accuracy, was to deliver solutions that are a replica of the way they already thought about the insurance claims process, but did it at scale.

The Gartner report calls this - the massive commitment and capabilities AI can bring to forward-thinking Insurers. At that, we clearly think one of the exceptionalities is what Gartner describes as "real-time decisioning", citing fraud detection as a core example.

The report also highlights "decision automation", spotted as exception processing or no-touch claims handling, as a solid use case for where AI can benefit Insurers - exactly what we provide at Curacel.

Learn more about our products - Claims Automating and Fraud Detection.

Image source: businessworld.in