Insurance Claims Leakage

Abstract

The Insurance Industry in India is currently grappling with several challenges. Apart from the regulars like competing with traditional as well as new age digital-only providers, finding niche market segments to design and position newer products, and generating a single view of the customer across the enterprise to increase total lifetime value, there is an increasing focus on reducing losses and improving operational efficiencies. In order to achieve these aims, insurers are looking to leverage new-age technology offerings viz. Artificial Intelligence, Robotic Process Automation, and Analytics, but are frequently struggling to identify the right use cases.

The Claims Function in most insurance companies is usually the laggard when compared to the usual revenue centers like Sales & Marketing when it comes to implementing new-age technologies. However, the significant numbers for losses made by insurers due to Claims Leakage and Claims Frauds should provide a solid Business Case to look at Claims as a relevant use case.