Changing the Insurance Game with Artificial Intelligence
Experts in the industry are in search of a smarter way to process and verify insurance. The current methods present many challenges, including the costly nature of denied claims. With billions lost per year due to faulty insurance processing, it is clear there is a need for change.
The main issues with the methods currently in use stem from human error. Traditional methods of insurance processing require human expertise, which takes training, commitment, and time. When humans are needed to intervene, this increases the chance of human error. For example, the average error rate in the health insurance industry is currently just above 19%. In addition, most current solutions have limitations aside from human intervention. Many insurance capture methods cannot verify information that is not on a card, creating further roadblocks in the entire process.
Because of these shortcomings, professionals agree that an AI-powered insurance card capture solution is the logical next step in advancing the industry. Early development in AI solutions can perform insurance verification like a human, but without the added room for error. These proposed solutions can identify more information than is printed on a card, and can do it in seconds. Gone are the days of waiting up to 15 minutes to process insurance. With AI, the industry will never be the same and will be forever changed for the better.