Cognizant Intelligent Claims Advisor for Duck Creek

SOLUTION OVERVIEW

Empower loss adjusters with Cognizant Intelligent Claims Advisor powered by Gen AI, which generates contextual responses with meaningful insights to accelerate decisions and quick claim settlement.

BUSINESS OPPORTUNITY

The advent of advanced technologies, particularly generative AI, has opened new possibilities to augment and transform the insurance claim processes at the key stroke level.

In commercial claims, loss adjusters heavily rely on manual steps; they need to consolidate data from multiple sources, files and diaries, causing the claim to run for days, or even weeks. Typically, only 70% of the critical data is captured when the claim is first reported. On average, loss adjusters spend close to 7-8 hours per claim in administrative tasks such as finding missing or additional details before getting started for the physical inspection and assessment

SOLUTION FEATURES

Introducing the Cognizant Intelligent Claims Advisor, an innovative solution powered by generative AI that empowers loss adjusters with an intelligent chat assistant. This assistant generates insightful responses, accelerating decision-making and expediting claim settlements. The core of our solution lies in data integration, seamlessly curating information from policy administration and claim systems. The key capabilities of the Cognizant Intelligent Claims Advisor include:

· Claim Summarization: Providing concise summaries of claims to facilitate quick understanding.

· Similar Claim Insights: Offering insights based on similar previous claims to guide current assessments.

· Identifying Data Discrepancies: Detecting inconsistencies in claim data to ensure accuracy.

· Suggesting Estimate Ranges: Proposing realistic estimate ranges for claim settlements.

· File Note Summarization: Summarizing file notes for efficient information retrieval.

· Exposure Identification and Coverage Validation: Identifying potential exposures and validating coverage.

· Insights on Product Recall: Providing vital insights regarding product recalls.

· Identifying Critical Missing Information: Highlighting essential missing data required for claim processing.

· Claim Advisories: Offering expert advice on claim handling.

BUSINESS BENEFITS

The Cognizant Intelligent Claims Advisor significantly enhances the efficiency and speed of loss adjusters, boosting their productivity by over 30% by reducing non-core administrative tasks.

This allows adjusters to focus on highly specialized functions, ensuring a higher quality of work. Additionally, the solution improves customer retention by approximately 20% through swifter claim settlements and the elimination of unwarranted claim denials.

In essence, our solution provides a seamless claim experience for all parties involved in the claim journey, fostering satisfaction and trust in the process.