As the insurance industry as a whole continues to feel the effects of COVID-19 in many different ways, insurers in the workers’ compensation market are keeping a close eye on claims numbers and legislative activity. According to a National Council on Compensation Insurance article earlier this month, complex COVID-19 claims are rare in frequency but have a disproportionately high impact on medical expenditures.
The low frequency poses a challenge for artificial intelligence (AI) to help; there’s just not enough data yet. However, as the COVID claims come in, the others don’t stop. That is where applying AI can help reduce costs and improve outcomes, ultimately enabling adjusters to focus on the more complex COVID claims.
In episode nine of InsurTalk, CLARA Analytics President and CEO Gary Hagmueller joined me to talk about AI in commercial claims, including how early intervention triggered through the detection of claim issues can dramatically reduce the open claim time and better control claim costs.
“The earlier you can understand the claims that are likely to have problematic outcomes, or high severity, or may involve an attorney or other things like that, the more attention you can give it, and the better the outcomes that you can have,” he told me.
AI enables insurers to have the machine go through an enormous amount of different systems and records, and really help them decide on the actions they need to take.
Be sure to listen to the full episode to hear more about this and how AI can deliver brilliance for commercial claims:
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