Insurers are spending billions of dollars to modernize claims management. Traditional insurance carriers such as China Pacific Insurance (CPIC) are investing in emerging technologies such as AI, which is among the top technologies to invest in for insurance companies in 2020. CPIC has accelerated its transformation into a digital insurer by applying computer vision in the claims process. What makes CPIC a success story?
- Situation: CPIC’s manual claims management processes were ineffective and failed to meet customers’ rising expectations. Competitors were already using analytics and predictive capabilities to improve claims response times. This showed CPIC how important it was to boost digital engagement with customers and agents.
- Approach: CPIC upgraded its claims process with a combination of a computer vision solution, digital platform, and mobile apps, which it built in partnership with Baidu. Building such a solution requires trusted cooperation for the long haul. The resulting solution has some interesting data and model management features. On the data side, it prepackages a filtering tool that improves the efficiency of claims adjuster training and the labeling that process adjusters use when collecting data. On the model side, the solution can continuously learn and refine its AI model over time.
- Results: By leveraging a computer vision solution in its claims process, CPIC was able to improve its operational efficiency. The carrier is in the process of deploying the solution to all of its branches in China and estimates that it could eventually save more than 100 million yuan (US$15 million) by doing so. At the same time, the solution provides a better customer experience in terms of claims processing speed, giving CPIC an edge over other insurance carriers.
If you are interested in learning more, please take a look at our recent report, “Case Study: China Pacific Insurance Transforms Claims Management With Computer Vision.” And if you’d like to share some insights about your company’s strategy for emerging technologies, feel free to reach out to me directly or set up an inquiry by emailing firstname.lastname@example.org.