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Insurance claims and underwriting automation refers to the use of technology, such as artificial intelligence (AI) and machine learning, to streamline and improve the efficiency of insurance claims processing and underwriting.
Claims automation involves using AI and machine learning algorithms to quickly and accurately process insurance claims, reducing the need for manual intervention and minimizing the potential for errors.
Underwriting automation, on the other hand, involves using AI and machine learning algorithms to process new policies in an automated way. However, in health insurance, medical reports often need manual corrections due to handwritten reports. Thanks to IFY’s dual entry methodology, a 99,5% accuracy rate of metadata recognition can be guaranteed.
Overall, the use of insurance claims and underwriting automation can help insurers reduce costs, improve efficiency and provide better customer service by reducing the time to process claims and determine premiums.
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