Artificial intelligence (AI) is expected to minimize the time taken in handling claims.
Allianz has rolled a “defendant hub” that leverages artificial intelligence.
According to the insurer, the technology will help in cutting the handling time for stage 3 claims by half an hour.
The plan will be carried out in conjunction with Keoghs law firm, which is known for providing legal services to UK-based insurers.
The novel digital proposition is expected to help the handlers of Allianz’s injury claims in automating stage 3 claims from the Ministry of Justice in a single click.
Allianz is convinced that Defendant Hub is its “first automated end-to-end digital solution,” especially for stage 3 claims.
Stage 3 claims from the Ministry of Justice may consist of legal proceedings, primarily if parties disagree on the worth of a claim.
The defendant hub allows claim handlers to not only carry out steps automatically but also gather outcome data for motor and casualty bodily injury claims.
By doing so, the process helps in getting rid of manual data input.
Upon completion of stage 3 hearing, the particulars of the award given are recorded before being populated automatically in Allianz’s system.
Amanda McCarthy, the technical claims manager at Allianz, claimed: “We are continuously looking for ways to improve our claims proposition and make improvements for our customers. The addition of Defendant Hub will significantly reduce our handlers’ time, creating an average saving of half an hour per claim.
“As well as improving operational efficiency, the data collected by the Hub will enable us to drive better insight from these types of claims. The results will give us the opportunity to improve our strategies as well as having a competitive edge.”
First AI Lawyer
Through the old system, claim handlers would analyze and then respond to a court proceedings pack before going ahead to download the documents regarding the specific claim to forward to legal providers.
After the hearing, the findings would then be shared with claim handlers in a bid to feed them back into the system.
The system builds on Lauri, which was developed by Keoghs.
Lauri claims to be the first artificial intelligence (AI) lawyer for the insurance industry through interacting directly via email or system integration by using natural language processing.
Dene Rowe, the director of innovation at Keoghs law firm, said: “We launched Lauri to enable claims handlers to achieve better outcomes without unnecessary paperwork and delays. It’s great to see Allianz adopt solutions that further deliver on those ambitions, and we anticipate that it will help drive efficiencies and insights.”
Allianz is a Munich, Germany-based financial services company whose principal businesses include asset management and insurance.
According to Forbes magazine’s composite measure, the insurer was the largest insurance entity, the biggest company, and the largest financial services group as of 2014.
Forbes also recognized Allianz as the biggest financial services company back in 2013 in terms of revenue.
The insurer’s asset management division comprises of Allianz Global Investors and PIMCO, and has about € 1,960 billion AUM, of which € 1,448 billion are 3rd-party assets, as of December 31, 2017.