HomeTechSprout.ai Reveals UK Insurers Need Tech to Keep Up With Global Developments...

Sprout.ai Reveals UK Insurers Need Tech to Keep Up With Global Developments | The Fintech Times

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Artificial intelligence (AI) has huge potential to uproot the financial and insurance sectors as we know them, however, there is a consensus that many fear the technology and the power it holds. Research from insurtech Sprout.ai has in fact shown that these suggestions of fear are somewhat made up as claims handlers are confident that automation tech like AI will improve processes for themselves and customers.

The research uncovers the most tedious elements of the claims processing role across the US and UK. Fifty-five per cent of respondents struggle with reviewing and processing claims documents and evidence, and the same number are unhappy with compliance and reporting.

Roi Amir is the CEO of insurtech Sprout.ai,
Roi Amir is the CEO of insurtech Sprout.ai

Roi Amir, CEO of Sprout.ai, said: “Claims handlers are responsible for the most important moment for an insurance carrier: delivering on their service promise. They know the claims process inside and out, and they’re deeply invested in making it easier for customers as well as themselves, as pressure can be high at these critical moments.

“The report confirms what we already knew: handlers are becoming increasingly frustrated by challenges around delays and customer communication – and they are now seeing technology as the answer. This is a really promising development for the insurance industry: technology has the potential to turbocharge claims processing. For instance, using AI can take a typical claims process from 30 days to real time and free up handlers’ time to deliver more personalised and empathetic customer communication.”

From a business standpoint

The research also reveals a divide between UK and US claims handlers’ experiences. Well over twice as many UK claims handlers are struggling to retrieve and review claims documents and evidence, in comparison to their US counterparts (36 per cent vs. 14 per cent). These findings demonstrate the urgent need for UK insurers to transform document management systems or fall behind on the global insurance stage.

Interestingly, the report also revealed that 95 per cent of firms believe technology like AI and automation will significantly impact claims processing in the next five years.

From a consumer standpoint

The findings also provide an insight into what customers want, from the perspective of those who are dealing with customers day in and day out, the claims handlers. Of them, 28 per cent say they receive complaints about delays or lack of communication, 20 per cent say they experience requests for more transparency in the claims process, and 17 per cent say they receive suggestions for faster processing.

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