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Intelligent automation means automation and simplification of processes, by learning from data of different types and formats and then removing the manual and prone-to-error parts from the process.<br>https://bit.ly/3lPH6Md
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Intelligent Operations: The Engine Behind Digital Transformation
Common Challenges Faced During Insurance Settlement • Insurance settlement involves a lot of steps to verify the claims. • Not only do these steps take a lot of time but are susceptible to errors as well. • The advent of COVID has also made claims settling a complicated task.
AI-driven automation processes can simplify these tasks and reduce manual errors. • Intelligent operations can be set up by following a 3 Step Process.
Step 1: Feature Engineering • Leverage Natural Language Processing for feature extraction and data engineering. • Data comes from multiple sources and is often unstructured. • Extracting this data is crucial for verifying insurance claims for customers.
Step 2: Machine Learning • Machine learning should be used to detect patterns and anomalies in the data. • Claim-related photographs can be analyzed to understand claim legitimacy.
Step 3: Intelligent Automation • AI can help in making better decisions and enhancing customer experience. • Auto approval of claims can also take place if criteria are met without physical inspection.
Spending on intelligent automation is set to cross $200 Bn in 2025. • It helps in cost reduction, increases in efficiency, and enhancing the effectiveness of operational processes.
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