Greetings with swift healthcare claims: Introduction to One-Minute Claims
In a groundbreaking move, health insurer AdvanceCare has integrated Sprout.ai's transformational claims settlement solution, powered by Contextual AI, into its operations. This collaboration has significantly boosted automation levels, leading to an impressive over 10% increase in efficiency.
Roi Amir, CEO of Sprout.ai, expressed his delight, stating that this partnership demonstrates the potential of AI to not only improve efficiency but also enhance the customer experience at scale.
The AI platform, which has processed over a million claims for AdvanceCare in the past year, allows insurers to make faster, more accurate claims decisions. It reduces manual data entry and ensures claims handlers have all the relevant insights at their fingertips, streamlining the overall process.
Liliana Silva, Operations Director at AdvanceCare, emphasised the value customers place on the digital reimbursement solution. She highlighted the focus on efficiency, which translates to improved time resolution and quality of service.
This innovative solution has also been instrumental in reducing health insurance claims processing time. For some cases, AdvanceCare has managed to process claims in just 60 seconds.
The pandemic has put additional strain on the health insurance industry, with a 55% increase in average policyholder contact time and a growing challenge in claims reimbursement. However, the integration of Sprout.ai's technology has helped AdvanceCare tackle these issues head-on.
The solution also supports the use of customer video or photo evidence, along with estimates or receipts, for quick claim settlements. This feature addresses the concern of complicated systems causing institutions to disregard potential fraud, as it ensures a comprehensive review of each claim.
The success of this collaboration is not limited to AdvanceCare. Zurich, another leading insurer, has also seen significant improvements, cutting property claims settlement times to under 24 hours with its AI solution, developed in partnership with Sprout.ai.
These advancements have been applied to various types of claims, including hospital, dental, and pharmacy, delivering faster, more accurate claim outcomes for a significant portion of the 1.7 million members in Portugal. The solution utilises Natural Language Processing (NLP) and Knowledge Graphs for automated policy checking, further enhancing its efficiency.
While specific statistics on the impact of Sprout.ai's AI technology on claim processing time and efficiency at AdvanceCare are not publicly available, it is generally understood that AI technologies, like those developed by Sprout.ai, can automate data extraction, reduce manual errors, accelerate adjudication, and improve overall workflow efficiency. This commonly leads to reduced claim processing times and increased operational efficiency for companies like AdvanceCare.
For precise statistics or case study results, it is recommended to consult official press releases from Sprout.ai or AdvanceCare, industry reports, or verified news articles specifically discussing their collaboration.
- The partnership between AdvanceCare and Sprout.ai, through the use of AI technology, not only boosts efficiency but also enhances customer experience at scale, as demonstrated by the 10% increase in efficiency and the processing of claims in just 60 seconds.
- The AI platform, utilized in various medical-conditions claims such as hospital, dental, and pharmacy, streamlines the health-and-wellness process by reducing manual data entry, ensuring relevant insights for claims handlers, and potentially reducing fraud through the use of customer video or photo evidence.
- Innovations in insurtech, like the one developed by Sprout.ai, have the potential to revolutionize the industry by automating data extraction, reducing manual errors, accelerating adjudication, improving overall workflow efficiency, and consequently leading to reduced claim processing times and increased operational efficiency.
