Zurich Insurance is introducing artificial intelligence to help decide personal injury claims. The insurance giant is rolling out the technology after processing time was cut from an hour to only seconds during a trial, according to a Reuters report.
“We recently introduced AI claims handling … and saved 40,000 work hours, while speeding up the claim processing time to five seconds,” Zurich chairman Tom de Swaan told Reuters. “We absolutely plan to expand the use of this type of AI.”
Big insurers are in a rush to jump on the bandwagon for AI and big data as tech-driven start-ups disrupt the market, according to Reuters. De Swaan said that Zurich would continue to increase the role of AI in claims handling.
“Accuracy has improved. Because it’s machine learning, every new claim leads to further development and improvements,” he said.
Other insurers have already jumped on board the AI train. Japanese insurer Fokoku Mutual Life Insurance started using AI in January. The insurer replaced 34 staff members in the move, which it said would save about $1.3 million per year, Reuters reported. Aviva is also currently considering the implementation of AI in its operations.
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