A customer of ours had high turn-around-times for claims settlement with significantly high claim settlement expense costs 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, the 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 the insurer. This required unlocking of the core system and few of the 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 improved customer experience substantially and retention of home insurance clients by 9%.
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