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Insurance Companies are working with Skcript to process insurance claims faster by 27%

The Problem

Insurance companies are in a crisis as we speak. The biggest threat and spending for these insurance companies are payouts to fraud rings.

Currently, only 0.33% of the total fraudulent claims get caught. The remaining 99% unfortunately go undetected. Detecting these fraudulent means require not just experience, but also intuition about the claim.

These detections cause time, effort and money for insurance companies. This can be reduced with Cognitive Assists by our UnderstandEngine.

Skcript’s UnderstandEngine

This kind of problem requires a solution that:

Works at scale

Is super optimized for performance

Works with a well trained data set

Has emotional intelligence

Has better analytical structure

Holistic view of the past, and present data set

Has real-time auto-training models

UnderstandEngine’s ability to analyze these unstructured data, and learn from them in real-time is the right fit to detect frauds and help humans arrive at the end-result as quick as possible.

With Skcript’s UnderstandEngine, the Claims Verification Team can make decisions with speed and accuracy like never before.

The market

The market is seeing a wide-spread adoption of Artificial Intelligence based assistive systems for humans that can cut down manual processing time by half.

Such complex, industry defining solutions are the ones that keeps today’s companies on the competitive edge, with a ton of value added to their customers.

UnderstandEngine is helping companies make sense out of their data to arrive at actionable decisions.
- Swaathi Kakarla, CTO, Skcript

The solution

Receive insurance claim from customer > Collect relevant information about the incident > Send the claim into the UnderstandEngine enabled solution for further processing > The AI processes these claims in the background while the team focuses on other claims that are flowing in > Within the next few minutes, the AI provides actionable insights about that claim in its dashboard for the team to view > The Team then understands the situation and the insights displayed by the AI, and get things done the way it has to be done.

We’ve written a detailed case study about the experience and the results we achieved with one of our insurance sector customers. You can get a copy of the case study from the link below.

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