A customer of ours had high turn-around-time of claim settlement with significantly high claim settlement expense cost for Home Insurance Claims. A detailed analysis showed that more than 50% of these Claims were less than Euro 500. For these low value Home Insurance claims client wanted to automate the process and reduce the settlement time from current average of 11 days; thereby also reducing the claim settlement expenses.
Hexaware implemented a ML, NLP based Chat Bot and integrated it with the existing Mobile application that was being used by end customers of Insurer. This required unlocking the core system and few legacy applications in the form of APIs. An analytics engine was implemented to identify fraudulent claims to plug fraud related leakages. This reduced the claim settlement time for low value (Euro 500 and less) Home Insurance Claims from current average of 11 days to 7 minutes. It also improved customer experience and retention of Home Insurance clients by 9%.