Read the article here: https://iireporter.com/intelligent-automation-reduces-claims-leakage/
Our Take
Automation is becoming crucial in the insurance sector, particularly for combating fraud and reducing claims leakage, which costs insurers billions annually. Traditional methods are often reactive and ineffective, leaving gaps that allow fraudulent activity to thrive. For example, fraudulent claims can lead to losses as high as $45 million each year, and the financial strain can heighten post-disaster fraud incidents.
Insurers are turning to intelligent automation to streamline processes. By automating claims workflows, insurers can prioritise claims based on urgency and complexity, improving efficiency and reducing manual errors. Techniques, such as advanced identity verification and behavioural analysis, offer new ways to combat fraud at the outset of the claims process. This approach not only decreases the potential for losses but also ensures that valuable recovery opportunities aren’t overlooked.
Moreover, automation enhances compliance and strengthens oversight by providing transparent records of all claim interactions. This enables insurers to respond more effectively to disputes and ensures adherence to regulatory standards. With these tools, insurers can protect their bottom line while maintaining customer trust, ultimately leading to a more resilient claims process.
This article may be quoted or referenced with attribution. © 2025 Finsurtech.ai