A recent report by Policybazaar highlights that artificial intelligence (AI) has dramatically improved the accuracy of insurance claims processing, achieving a 14-fold increase in efficiency.

Since the implementation of AI in 2022, the Early Claims Factor has surged, allowing companies to expedite genuine claims and build greater customer trust.

Overall, the report underscores that AI is transforming the insurance industry by enhancing operational efficiency and improving customer experiences.

The turnaround time for resolving customer inquiries has decreased by 15%, with customer satisfaction scores soaring to over 94% in the last quarter.

Customer service has seen significant advancements, with chatbots now managing over 30% of initial queries, a substantial rise from 15% the previous year.

Generative AI bots, currently in testing, are simplifying complex insurance terminology, which has led to a 5-8% increase in insurance purchases during the product discovery phase.

AI tools have improved complaint management by accurately tagging customer tickets and routing them to the appropriate agents with over 84% accuracy.

Currently, AI manages about 45% of specific insurance tasks, significantly reducing manual work and minimizing errors in the claims process.

The policy issuance process has been expedited, with nearly half of all customers now receiving their policies in just 15 minutes, down from an average of 4 hours.

AI plays a crucial role in early fraud detection, flagging approximately 11% of term insurance claims and 16% of savings plan claims as potentially fraudulent.

The ability of AI to identify potential fraud cases early underscores its significance in enhancing the integrity of insurance policies.