Powering the Insurance Industry with AI

Our current methods for insurance capture and verification are outdated, inefficient, and prone to error. There are many challenges that the industry faces with issues of time, money, and accuracy, fueled by the costly nature of denied claims.

The main factors contributing to the inefficiency of our current methods lie in human involvement. Most solutions cannot identify insurance information that is not printed on a physical card. This limitation makes human interaction necessary, leading to a higher chance of human error. The average error rate currently is nearly 20%. Conventional insurance processing also requires human expertise, which requires further labor and training. All of these problems further emphasize a need for a better way to process insurance.

Early developments on new technology have revealed that an AI-powered solution is the best way to overcome human limitations. These proposed AI-solutions for insurance capture would be able to process information faster and with more accuracy, as well as instantly identify markets not explicitly stated on a card. All of these processes can happen in real time and in seconds, lowering the need for human intervention all together. These newly developed algorithms are in the works to make this progress a reality for the insurance industry.

The Smarter Way to Capture, Verify, and Process Insurance with an AI-Powered Solution
Source: OrbitHC

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