AI is helping Allianz Partners shorten its claims process significantly.
According to Allianz, since it began using AI to help process claims, the average lifecycle of a claim has dropped to four days. Before AI, the average lifecycle of a claim was 19 days.
Additionally, Allianz said 71% of claims are processed in 12 hours or less. More than half of claims — 65% — are eligible for claims automation processes.
The insurer said claims have been paid out as fast as six hours from the time of submission.
Allianz said it is specifically using AI to help claims associates focus on customer experience instead of spending their time on more routine tasks, like sorting through documents to find information. AI is also used to review and recommend most claims for approval.
AI is also powering chat functions on Allianz's consumer website, helping field customer inquiries.