Insurance adjusters can use this strategy to accelerate the claim assessment

IF YOU’RE AN insurance adjuster, you probably are working beyond your regular 9–5 timings to accommodate client schedules. It’s not rare, considering how time is the most valuable asset for the insurance industry.

A seasoned adjuster knows well that the clients would go any distance to avoid admitting fault or use speculative language during the claim calls. While it is an open secret, adjusters have seen every trick used on them by the claimants. However, as the detection gets sophisticated, so does the fraud.

The adjuster’s challenge is to receive, interpret and process claims in a timely manner without creating a loss for the organization and be defrauded by the claimants.

For a long time, insurance adjusters have relied on the call Transcription services to record every call and conversation with the claimants for record-keeping and investigation purposes. While this has made some difference, it has not directly benefited the adjusters to reduce time, effort and efficiency in their day to day conversations with claimants.

Enter AI-Powered Transcriptions.

1. Avoiding losses

One of the biggest challenges of an insurance adjuster is to detect fraud. Everybody files claims but not everybody is truthful about the same. In such instances, your firm can wind up losing a lot of money- sometimes in millions or billions, even.

• If there are multiple recorded files interviewed from the same claimant, secure transcripts are the only way to ensure that there’s no discrepancy.
• An adjuster can simply skim through the recorded files, compare them, and reach a conclusion in cases where fraud is suspected.

Advanced Transcription technologies powered by AI can listen to the conversations with the claimant’s live to detect anomalies in stated facts by analyzing the language and the tone of the claimants. Thresholds can be set for further investigations in the claims disbursement process.

2. Speeding up the claim process

Typically, an adjuster would have to listen to recorded audio files from the claimants and witnesses and do additional research to process claims. This would require constant forwarding, rewinding and pausing, making the work even harder and time-consuming.

With AI-powered contextual search, adjusters can quickly review the transcripts for keywords, filters and replay soundbytes. So, good transcription services would take less time to build reports, helping adjusters process more claims than usual.

3. Smooth workflow

Capturing key notes and summaries from transcriptions allows adjusters and the management to be on the same page with respect to any claim. If there’s a new adjuster taking up the investigation, he/she can catch up with whatever has been already documented, without actually having to listen to the audio file.

This leads to a smooth workflow among the professionals, eliminating the burden of paperwork.

4. File Arbitration

Arbitration forums help insurance companies settle disputes/discrepancies with claimants. This process saves money and prevents the interference of actual legal investigation in court. A claimant gets the chance to present his case before an arbitrator. But there’s a downside to this — Arbitration Forums do not accept audio files.

In these situations, transcribed files with audio markers and sectionized call summaries help speed up the arbitration process.

5. A complete Claims file

A certain claim would require further investigation or can directly go to litigation. Transcribed files can help understand the case from beginning to end without any hassle.

When there’s a disaster, customers expect instantaneous and quick action from the adjusters to process claims. But investigating and documenting the damages can take a really long time. Having an integrated solution that can attach the claims information with the record of transcribed conversations for investigative purposes saves a lot of time and legal costs for the insurance companies.

What is Marsview Notes™?

Marsview Notes is an AI-powered call assistant that automatically transcribes audio, video, and chat conversations. It integrates with web conferencing solutions like Zoom and takes notes and summaries on calls and conversations. For insurance adjusters, it provides the following benefits:

• Accurate transcription with call notes, summaries, actions, decisions and tasks
• The claim assessment process can be automated using Marsview meeting templates that capture keywords, topics and filters.
• It allows you to personalize the document. You can highlight the important statements to speed up the claim process. You can screengrab video statements or add comments.
• The semantic search engine helps you to access, review, and replay the recorded calls instantly.
• The claims documentation with the transcripts can be shared with downstream workflows and tracked.

Marsview Notes can be a great new tool for the insurance adjusters to accelerate the claims assessment process and get personal time back!

Originally published at https://blogs.marsview.ai on August 27, 2020.