Claim settlements in the insurance industry can take a long time. Looking to reduce the wait time following approval to mere minutes, insurtech Qover is launching a new AI-enabled solution.
The new AI solution will be overseen by Qover employees to ensure pain points in the insurance claims settlement journey are eased, as it looks to be easily integrated into any brand or risk carrier’s existing systems, the new service will improve the speed
Traditional insurance experiences can often have complex claim submission processes. Customers can be left unsure of where to start and what information is needed. Additionally, the manual review of documents and data points in claims analysis can slow down decisions.
With the new Qover solution, users will have access to genAI chatbots which will provide instant answers to inquiries and self-service options. Human agents will also remain available to provide personalised assistance whenever needed. Furthermore, by using AI, Qover can feed information directly into the claims engine, ensuring that all relevant information is readily available and pre-filled for users.
Other benefits include tackling industry-standard wait times and keeping policyholders in the loop. By providing instant, tailored notifications and updates on claim status, Qover keeps customers informed throughout the entire process. Additionally, the firm will automate the process of claims reimbursement as soon as they are approved. As a result, claimants can receive their payouts much faster, often within hours of approval.
Speeding up a cumbersome process
Ed Ackerman, chief customer officer at Qover
“Our new claims experience will be transformative for our customers and partners,” commented Ed Ackerman, chief customer officer at Qover. “By leveraging AI and automation at key stages of the end-to-end claims process, we’re not only speeding up a typically cumbersome process but also making it more intuitive – even stress-free – for our policyholders. Imagine submitting your claim in a couple of clicks and getting paid within an hour of claim approval.”
“AI integration will play a crucial role in achieving our ambitious goals of transforming how we handle received claims,” said Quentin Colmant, CEO and co-founder at Qover.
Quentin Colmant, CEO and co-founder at Qover
“We are determined to set a new, higher standard in the industry, harnessing AI for its transformative impact and value it creates for our partners and their customers. With human oversight and control, our priority is to ensure that every request is treated fairly, ethically and securely.”
Qover’s AI initiatives are closely monitored with the principles of the EU AI Act, such as data protection, transparency and fairness. The platform also complies with ISO27001 standards – a certification that Qover achieved last year – ensuring robustness, safety, security and accountability, with human oversight and control.
The post Qover Launches AI Solution to Settle Insurance Claims in Just Minutes of Approval appeared first on The Fintech Times.
