Insurers have been slammed by inflation, with loss costs surging by $30 billion in 2021 alone. Almost every line of insurance has been hit with rising claims expenses, while replacement costs have risen by 16.3%—nearly twice the consumer price index rise. To combat inflation, insurers need to find better ways to increase efficiency and reduce claims leakage.
In addition to economic pressures, insurers are also facing rising customer expectations for a faster and more transparent claims process. But here’s the problem. Manual, time-consuming claims processes have led to inefficiencies, errors, and delayed settlement, impacting the insurer's bottom line and customer satisfaction as well.
To overcome this challenge, insurers must optimize claims processes by leveraging automation, AI, and other technologies to streamline workflows and enhance the customer experience.
Appian Connected Claims is leading the way in making better, faster digital claims processing a reality. Recently, Appian was named a leader in Everest Group's 2023 Digital Claims in Property & Casualty Insurance report, which evaluated 17 service providers in the digital claims space. The report looked at each provider's vision, capabilities, and market impact, and recognized Appian for its end-to-end claims management, intuitive user interfaces, and quick deployment capabilities.
Appian Connected Claims leverages AI and automation to analyze claims data and identify potential fraud, reducing claims leakage and protecting the insurer's bottom line. In addition, Appian's low-code capabilities gives P&C insurers the flexibility to build custom solutions that meet their unique needs and easily complement and integrate with existing core systems.
Automation and AI can significantly enhance claims processing, driving efficiency, accuracy, and speed. For example, Appian Connected Claims can automatically route claims to the appropriate adjuster based on claim type, location, and other factors, reducing the time and effort needed to assign claims.
AI can also be used to analyze claims data in real-time, identifying potential fraud and reducing the risk of claims leakage. By analyzing historical claims data, AI can also identify patterns and insights that can inform claims processing and better decision-making.
Case in point: sachcontrol, a global leader in property damage and fraud detection in property claims, used the AI-powered Appian platform to create a new claims management solution that improved claims and payment processing time with better operational efficiency and achieved a 99.7% customer satisfaction level.
With the help of the Appian Platform, sachcontrol was able to quickly review, index and process a massive amount of claims information, ranging from invoices and images to granular data. sachcontrol’s Appian-powered solution uses OCR and ML models to verify invoices, detect fraud, and estimate repair costs from uploaded photos to accelerate the claims process and boost customer satisfaction.
In today's competitive insurance industry, optimizing property and casualty claims is a must for insurers seeking to meet ever-rising customer expectations while managing costs. Appian Connected Claims offers a game-changing solution that uses automation and AI to streamline traditionally labor-intensive and error-prone manual claims processes. The transformative power of this cutting-edge approach not only accelerates claims processing but also ensures superior accuracy and efficiency while ultimately delivering a seamless claims experience to policyholders.
Here’s the bottom line. If you’re looking for a claims management solution that can provide relief from rising claims costs while helping you overcome challenges to customer satisfaction, Appian Connected Claims is for you.
Want to learn more about Connected Claims and why Appian is a Leader in P&C digital claims? Download the free Everest Group report.