Automation seems to be propagating across every industry. Now, a company in Sweden is handling claims using artificial intelligence. According to the chairman at Zurich Insurance, automated claims take seconds and are more accurate than determinations made by human workers.
The technology uses machine learning to advance its accuracy. However, with increased efficiency comes concerns about oversight. With the increased volume of claims processed, will insurance companies perform their due diligence in checking that the claims were processed fairly? If you disagree with a decision, will the appeals process become simpler or more difficult to access?
We hope the new technology will lead to better outcomes for people seeking insurance payments for personal injury, worker’s compensation and other forms of recompense. It’s important to remember that insurance companies are adopting automated claims processing to improve their profit margins by reducing labor costs, human error, and inefficiency. Another way companies protect their profits is to avoid payouts, if they have grounds to deny a claim. Yet improving accuracy will certainly lead to fewer lawsuits, which benefits companies and consumers alike.
Ideally, more people eligible for benefits will receive them in an increasingly timely manner thanks to this technology. That depends on how concerned insurance companies are with protecting themselves from legal challenges. If they teach the AI to pay beneficiaries whenever they’re owed, that is preferable to teaching the AI to find loopholes and avoid payouts whenever possible. In that sense it’s like training human employees, but far faster; and while machines are less prone to error, AI is a new frontier. It remains to be seen whether the artificial brain will make matters better or worse for insurance customers.
If your claim has been denied – whether by natural or artificial intelligence – you’ll want a personal injury lawyer on your side. Contact Schiffman Law today.