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Life insurance contracts are long term in nature which requires high level of customer satisfaction for creating new business opportunities, competitive edge, and customer retention. Customer touch points starts from need analysis and getting quotes to submitting applications for risk coverage, financial and non-financial changes, claims settlements, and so on. Satisfied customers are the greatest assets of the insurers as they spread positive messages upon experiencing a delightful service. Insurers currently looks at all possible opportunities in improvising their business processes through effective enterprise architecture coupled with advanced technologies to retain their customer base and sustain competition.
This article focuses on the capability of augmented intelligence (Au-I) in processing claims, which is one of the important customer service area that creates the brand image of the carrier. Augmented intelligence (not technically different from artificial intelligence) gives a different perspective on technological advances and emphasizes the fact that cognitive technology is designed to enhance human intelligence rather than replace it.
Insurers across the globe are focusing on improving their customer services, of which, speedy settlement of claims is of top priority. Different insurers take different steps that would suit their business goals and enterprise architecture. Each measure has got its own merits and demerits which depends on the carrier’s IT landscape.