The Trade-Off To Using Artificial Intelligence To Speed Up Claims

Friday, August 31st, 2018 Technology

Canadian insurers wanting to handle claims like Lemonade are going to have to accept some trade-offs, a Claims Summit speaker said Tuesday. New York City-based Lemonade Insurance Company uses artificial intelligence and says it can handle some claims in three seconds. Lemonade claimed earlier that it set a world record when a customer who submitted a claim electronically — for a $979 parka — had the claim closed within three seconds. Within that three seconds, Lemonade says, Lemonade’s claims bot “reviewed the claim, cross referenced it with the policy, ran 18 anti-fraud algorithms on it, approved the claim, sent wiring instructions to the bank” and informed the customer that the claim was closed.


External References & Further Reading
https://www.canadianunderwriter.ca/technology/trade-off-using-artificial-intelligence-speed-claims-1004136339/
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