Cognitive Claims
LTIMindtree’s Cognitive Claims is an AI and analytics-based solution aimed to enrich user experience, improve operational efficiency, and reduce loss adjustment expenses (LAE). The solution redefines the current claims business processes by leveraging analytical, image processing, predictive, and forecasting capabilities through the introduction of AI and Cognitive Computing. The Cognitive Claims solution is built on LTIMindtree’s Mosaic AI platform and uses IBM Watson Conversational Services and Visual Recognition Services, exposed as microservices. It boasts enhanced capabilities, which further simplify your claims processes. Through the Claims Filing functionality, a Chatbot can answer queries and assist you in quick claim notification and filing. With Claims Inspection and Investigation, you can rely on image/video intelligence for damage assessment and validation. The AI-powered fraud detection solution helps analyze images, unstructured data, and other data sources to build an accurate risk profile.
Key Highlights
- Enhanced productivity of key stakeholders, including adjustment professionals, adjudicators, and case investigators.
- Focus on efficiencies in claims submission, FNOL, claims adjustment, verification, claims recovery, automated damage assessment, fraud detection, and subrogation.
- Demonstrable positive impact on customer experience metrics, reduced turnaround time (TAT), and loss adjustment expenses.
Benefits
- Claim Cost Reduction: ~20% reduction in LAE by self-service options and virtual inspection.
- Enhanced Customer Experience: 10x faster claim settlement and 24X7 assistance.
- Operational Efficiency: Low-touch end-to-end process, resulting in 30% savings.
