Original text here from Patrice Bernard (LinkedIn)
When most financial institutions dabble in artificial intelligence, especially generative AI in today's climate, they carefully avoid exposing their clients directly to its applications in strategic areas, fearing potential errors. Clearcover, a neo-insurer, has no such qualms and readily integrates AI into its claims processes.
While damage assessment, now frequently conducted by image recognition algorithms, becomes more automated and allows for increasingly faster responses (at least in straightforward cases), the initial phase of the process has now become the most time-consuming and resource-intensive. Between the initial incident notification and the collection of all the information needed to complete the file, the necessary back-and-forth communication undermines client satisfaction.
That's why Clearcover prioritizes the use of (generative) AI for these interactions. After a preliminary phase in which it sought to assist its operators in analyzing submitted documents and preparing their communications, it has taken a further step by implementing a conversational module that autonomously handles data collection for claims from start to finish directly with the policyholder.
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The value of this initiative lies not only in the tool's ability to determine which data points to request before making any decisions and to sift through what its interlocutor provides, but also, if well implemented, in its potential to adjust the dialogue style (tone, language level, etc.) according to the individual's personality and the implicit or explicit reactions expressed during the conversation.
This approach offers clients a twofold advantage. On one hand, automated processing significantly accelerates claim resolution. In this regard, Clearcover aims for an average 30-minute turnaround time between the first contact and compensation payment (when applicable), with the current record being 7 minutes. On the other hand, AI intervention itself can reduce the back-and-forth between the claimant and the insurer, creating a smoother experience.
Naturally, these benefits depend on the quality of the technology used, which appears to be proprietary to Clearcover. This suggests a significant opportunity for competitive differentiation in customer experience through integrated AI models in the claims processing chain, from the initial intake to the final resolution.
