In the insurance industry, claims settlement can take a long time, and insurtech company Qover is launching a new AI-powered solution that aims to reduce post-approval wait times to just a few minutes.
The new AI solution will be overseen by Qover employees to ensure pain points during the claims process are mitigated, and the new service can be easily integrated into existing systems of any brand or risk carrier, improving speed.
In traditional insurance, the claims submission process is often complicated. Customers may be left unsure of where to start or what information is needed. Additionally, manual review of documents and data points in claims analysis can delay decision making.
The new Qover solution gives users access to a genAI chatbot to instantly answer inquiries or provide self-service options, with human agents available to provide personalized support when needed. Additionally, the use of AI enables Qover to input information directly into the billing engine, ensuring all relevant information is immediately available and pre-populated by the user.
Other benefits include eliminating industry-standard wait times and keeping policyholders in the loop. Qover keeps customers informed throughout the process by providing instant, customized notifications and updates on the status of their claims. Additionally, the company automates the process of claim reimbursement as soon as a claim is approved. As a result, claimants can expect to receive payment within hours of approval.
Speed ​​up tedious processes
“Our new claims experience will be transformative for our customers and partners,” commented Ed Ackerman, chief customer officer at Qover. “By leveraging AI and automation at key stages of the end-to-end claims process, we’re not only speeding up a typically cumbersome process, but making it more intuitive and stress-free for policyholders. Imagine submitting a claim in just a few clicks and being paid within an hour of the claim being approved.”
“The integration of AI will play a key role in achieving our ambitious goal of transforming the way incoming claims are processed,” said Quentin Colmant, CEO and co-founder of Qover.
Quentin Colmant, CEO and co-founder of Qover
“We are determined to set new and higher standards in the industry by leveraging AI to innovate and create value for our partners and their customers. Our number one priority is ensuring every request is handled fairly, ethically and securely, with human oversight and moderation.”
Qover’s AI initiatives are closely monitored in accordance with EU AI law principles, including data protection, transparency, and fairness. The platform also complies with the ISO27001 standard (a certification Qover achieved last year), which ensures robustness, safety, security, and accountability through human oversight and control.
Frances Bignell