Ai in insurance how to automate insurance claim processing with machine learning
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The document discusses the integration of machine learning in insurance claim processing, highlighting insights from technology leaders and best practices for automation. It emphasizes the role of AI in improving claims management, customer engagement, and fraud detection through various advanced tools and methodologies. A live demo and interactive polls engage participants in understanding the stages and challenges of implementing AI and machine learning strategies in their organizations.
Ai in insurance how to automate insurance claim processing with machine learning
- 1. AI in Insurance How to Automate Insurance Claim Processing with Machine Learning?
- 2. Technology leader with 20+ years expertise in Product Development, Business strategy and Artificial Intelligence acceleration. Active contributor in the New York AI community Extensively worked with global organizations in BFSI, Healthcare, Insurance, Manufacturing, Retail and Ecommerce to define and implement AI strategies Nisha Shoukath Co-founder, People10 & Skyl.ai The Speaker
- 3. Shruti Tanwar Lead - Data Science Extensive experience building future tech products using Machine Learning and Artificial Intelligence. Areas of expertise includes Deep Learning, Data Analysis, full stack development and building world class products in ecommerce, travel and healthcare sector. The Speaker
- 4. CTO & Software Architect with 15 years of experience working at the forefront of cutting-edge technology leading innovative projects Areas of expertise include Architecture design, rapid product development, Deep Learning and Data Analysis The Panelist Bikash Sharma CTO and Co-founder at Skyl.ai
- 5. All dial-in participants will be muted to enable the presenters to speak without interruption Getting familiar with ‘Zoom’ Questions can be submitted via Zoom Questions chat window and will be addressed at the end during Q&A The recording will be emailed to you after the webinar Please familiarize yourself with the Zoom ‘Control Panel’ on your screen
- 6. A quick intro about Skyl.ai ML automation platform for unstructured data Guided Machine Learning Workflow Build & deploy ML models faster on unstructured data Collaborative Data Collection & Labelling Easy-to-use & scalable AI SaaS platform
- 7. Live Demo of Smart Claim Management ...In the next 45 minutes How organizations are leveraging AI & Machine learning in Insurance Best practices to automate machine learning models 1 2 3
- 8. POLL #1 At what stage of Machine learning adoption your organization is at? ⊚ Exploring - Curious about it ⊚ Planning - Creating AI/ML strategy ⊚ Experimenting - Building proof of concepts ⊚ Scaling up - Some departments are using it ⊚ In production - Using it in product features ⊚ Transforming - AI/Ml driven business
- 9. How organizations are leveraging AI & Machine learning in Insurance01
- 10. Power users of AI with a strong digital base can boost the profits by 1-5% above industry average. Mckinsey Insights “Why a digital base is critical”
- 11. How AI is transforming Insurance Sales & Marketing Claim Management Risk Analysis Customer Engagement
- 12. Enable Sales & Marketing Focused efforts, Tailored products ⊚ Prospect Pre-qualification ⊚ Relevant product recommendations ⊚ Virtual agents for guided online buying process Spixii featured in The digital insurer
- 13. Claim Management Reduce claim settlement time and increase accuracy ⊚ Car damage recognition ⊚ Healthcare claim settlement ⊚ Anticipate health risks ICICI Lombard app - Insure
- 14. Risk Analysis Faster fraud identification & prediction ⊚ Transaction analysis to identify, predict & prevent fraudulent claims ⊚ Reaffirmation with AI to verify if the asserted claims are true or not ICICI Lombard app - Insure
- 15. Customer Engagement Increase customer lifetime value & satisfaction ⊚ Face recognition & voiceprint to reduce customer verification time ⊚ Churn prediction & reduction ⊚ Upsell & Cross-sell products ⊚ Use NLP to address queries on policy Facial Recognition
- 16. Smart Claim Management For Automotive Insurance
- 17. 20-50 million people Get Injured in accidents globally 1.25 million people Die in road crashes every year $518 billion Cost accrued globally Assocition for safe international travel https://www.asirt.org/safe-travel/road-safety-facts/
- 18. Traditional time consuming manual claim process 1 2 3 4 5 6 Claim Submission Insurance payment Original receipt submission Manual data transfer Claim assessment Claim approval
- 19. Car damage recognition solution with Machine Learning 1 2 3 4 Digital Claim submission Auto evaluation and cost estimation Automated document workflow guided by Machine learning system Insurance payment
- 20. Live Demo of smart claim management for automotive insurance02
- 21. 8 stages of Machine Learning workflow
- 22. Live Demo on Smart Claim Management for Auto Insurance
- 23. POLL #2 State your role in the AI initiatives/ projects in your organization ⊚ We don’t have any AI projects yet ⊚ Practitioner - Data Science / Engineering background ⊚ Sponsor/Executive ⊚ Product Manager ⊚ Project Manager ⊚ Student ⊚ Others
- 24. Best practices to automate machine learning models 03
- 25. POLL #3 Some challenges that you are facing while implementing AI & Machine Learning ⊚ Not started yet, so no challenges ⊚ Data collection ⊚ Data Labeling ⊚ Large volumes of data ⊚ Identifying the right data set to train ⊚ Lack of knowledge of ML tools ⊚ Lack of end to end platform ⊚ Lack of expertise ⊚ Choosing the right algorithms
- 26. Data Collection - Flexible options (CSV bulk upload, APIs, Mobile capture, Form based…)
- 27. Data Labeling - Simple 4 steps process (collaboration jobs, guided workflow…)
- 28. Data Labeling - Real-time early visibility (class balance, missing data…)
- 29. Data Labeling - Early Visibility (data frequency, data intuition, outliers, trends, labeling accuracy…)
- 30. Data Labeling with Effective Collaboration (Job allocation, trend, statistics, interactive messaging…) Manage collaborator progress, activity, interactive messaging Analyse trends and progress of your data labeling job in real time with statistics and interactive visualizations
- 31. Data Visualization to build strong data intuition ( visuals for data composition, data adequacy)
- 32. One click training at scale (Easy feature sets, out of the box algorithms, API integration, hyper parameter tuning, auto scaling…) ● Train, Deploy and Version your models by creating feature-sets in no time with our easy feature selection provision. ● Choose from state-of-art neural network algorithms, tune hyperparameters and see logs for your training in real time. ● Integrate our powerful inference API with your application for AI-driven actionable intelligence. ● Auto scaling of model training based on data and hyperparameters
- 33. Model Monitoring of metrics in real-time (inference count, execution time, accuracy…) ● Monitor your deployed models and analyse inference count, accuracy and execution time. ● See how your models are performing in real-time. No black boxes here.
- 34. Model Evaluation - Release Confidently (Accuracy, Precision, Recall, F1 Score) ● Monitor your deployed models and analyse inference count, accuracy and execution time. ● See how your models are performing in real-time. No black boxes here.
- 35. No upfront cost in Infrastructure set up (no DevOps needed, auto-deploy, SaaS & On-prem models…) 1. No DevOps required - Incorporates automatic deployment and dockerization 2. Scalable tech with latest stack 3. Domain agnostic build by data type 4. Scalable on demand 5. On premise and saas models
- 36. Skyl.ai - as ML automation platform
- 37. Try out 15 days free trial with complimentary consultation on pilot project Register https://skyl.ai/form?p=start-trial
- 38. Questions? [email protected] https://skyl.ai/ ?
- 39. 85 Broad Street, New York, NY, 10004 +1 718 300 2104, +1 646 202 9343 [email protected] We hope to hear from you soon Thank you for joining!