AI Is Coming For Your Insurance Claims

AI Is Coming For Your Insurance Claims

Brown Law Firm – 

AI Is Coming For Your Insurance Claims

We truly are living in the future.

Things we never thought possible are happening right now before our very eyes.

Brick and mortar stores are being replaced by e-commerce, self-driving cars are being tested on roads, and we can sign up to be part of the colonization of Mars.

Yes, you read that right.

You can sign up to live on Mars.

In past generations, it was a huge deal to move from country to country.

Artificial intelligence surrounds us, and it’s getting more advanced by the minute.

Artificial intelligence makes it possible for machines to learn from experience, adjust to new inputs and perform human-like tasks.

Netflix, Pandora, Tesla, and Amazon are already using artificial intelligence to enhance their products.

Is it possible for artificial intelligence to make its way into the law industry?

Will AI take over some responsibilities typically held by lawyers and paralegals?

Yes, they will. They already have.

The Benefits of Artificial Intelligence.

First, let’s talk about why we should be excited about artificial intelligence.

Businesses and individuals alike are utilizing AI to make themselves better and more efficient.

Alexa and Siri are AI that most of us use on a daily basis.

AI can significantly reduce expenses for businesses, and they can pass the savings on to consumers.

It can also greatly improve efficiency. Tasks that typically take hours or days to complete can be completed in just minutes or seconds.

On an individual level, voice recognition has made us much more efficient. We can cook and ask Alexa what comes next in our recipe without skipping a beat.

The potential good AI can accomplish is unlimited.

We’re living in exciting times. There’s a breakthrough in technology almost every day.

Artificial intelligence and personal injury claims.

So when will artificial intelligence make its way into the law and personal injury industry?

It already has.

The Swedish insurance company, Zurich, has already started using AI to process insurance claims.

The company decided to move forward with AI after trials cut processing time from an hour to mere seconds.

“We recently introduced AI claims handling … and saved 40,000 work hours, while speeding up the claim processing time to five seconds,” Tom de Swaan, the chairman of the company, told Reuters

They have plans to expand the use of AI in their processes.

Because it’s machine learning, each claim that Zurich processes using AI only strengthens the speed and accuracy of the process.

The Japanese insurer, Fukoku Mutual Life Insurance, has replaced 34 employees with AI and is on target to save 140 million yen because of AI.

Is there anything to worry about?

The benefits of AI are obvious.

But is there anything we need to worry about when robots start processing our personal injury claims?

The most obvious thing to worry about is the oversight. While the number of claims processed rise due to AI, will companies still make sure every claim is processed fairly?

If you don’t agree with the decision made by AI, will the appeal process be simpler or more difficult to access?

In a perfect world, everyone eligible for payouts will receive them and receive them much faster with the use of AI.

If AI is programmed to pay out beneficiaries whenever they’re owed, it shouldn’t be an issue.

If they’re programmed to find loopholes, however, there could be issues.

It’s just like training humans in a sense.

Just much faster, cheaper, and much more efficient.

Only time will tell how much AI will improve, or worsen, the personal injury claims process.

Until then…

Until AI for personal injury claims become widespread, there are still humans in charge of the process.

What we do know about humans is the potential for human error.

Unfortunately, unlike AI, humans can do the same thing over and over again without getting any better.

The person that processed your personal injury claim could’ve made a mistake.

They could’ve zigged when they should’ve zagged.

If you feel like you haven’t received what is owed to you from your personal injury claim, you need to do something about it.

Author Bio

Harry Brown is the managing member of The Brown Firm.

After treating automobile accident victims for over ten years as a chiropractor, Harry Brown  opened The Brown Firm to focus on providing great customer service.

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