Wednesday, 05 December, 2018
Eucon Digital GmbH was honored with the 2018 DIGITAL LIGHTHOUSE Insurance Award. As part of the conference ‘The Digital Insurance' hosted by the newspaper Süddeutsche Zeitung, pioneering projects in the insurance sector were recognized in partnership with Google. Eucon received the award for its 'Claims Prediction' project, which uses artificial intelligence to significantly improve quality, efficiency and customer experience in claims management.
(f.l.) Sven Krüger, CEO of Eucon Group and Michael Rodenberg, Managing Director of Eucon Digital GmbH accepted the DIGITAL LIGHTHOUSE Insurance Award.
Claims Prediction is an AI-based prediction model in claims management. It is designed to make claims processing faster and more convenient for clients and more economical for insurers. “A claim is the moment of truth for every insurer,” says Michael Rodenberg, Managing Director of Eucon Digital GmbH. “Smarter service makes the difference for the customer. Through the intelligent use of advanced technologies, we help insurers to automatically handle the largest possible claims volume in black box processing and to significantly improve the customer experience”.
Processing times reduced by up to 80%
Claims Prediction is used to control claims in a more targeted manner and avoid unnecessary process steps. The model springs into action when customers submit cost estimates for repairs or invoices following a claim. By using AI, Claims Prediction provides the option to decide whether a document needs to be manually reviewed by experts or can be automatically released and settled. This leads to significant time and cost advantages.
“We were able to train the model in such a way that currently up to 20% of incoming documents can be correctly identified and processed in the black box,” says Mr. Rodenberg. “By using Claims Prediction, we are able to reduce processing times by up to 80%.” Policyholders receive feedback on the settlement of the claim submitted in the shortest possible time. Insurers work more cost-efficiently and can deploy their specialists in a more targeted manner.
On the path to real-time claims processing
Claims Prediction is part of the integrated Smart Claims product concept. The concept uses various modules in each step of the claims process to help optimize the quality and efficiency of claims processing in the long run. “Our vision is to use intelligent processes to achieve real-time claims processing and customer centric processes,” says Rodenberg. Eucon has been supporting insurance companies in reviewing submitted claims for years. The large number of historical and current check results forms the basis for the further development of AI components in Smart Claims and Claims Prediction. They are important building blocks for an optimized and sustainable customer experience in an insured event.
The award was presented on 4 December 2018 on the occasion of the SZ Digital Insurance Conference in Cologne. A jury consisting of industry insiders, journalists and experts viewed a total of 28 innovative cases from the insurance industry. The coveted Lighthouse Insurance awards and the “Vordenker” (thought leader) award were presented among the eleven nominated projects.
Written by Eucon Group