Wouldn’t it be nice to close a claim in 48 hours? Or, how about 24 hours? What about 3 seconds? Start-up, Lemonade Insurance Company recently accomplished this task of closing a claim in uber lightening speed…with no paperwork. This is the future of claims management or so we hope.
Below is an snippet from the Lemonade article published in the Claims Journal on January 13, 2017.
“According to the insurer, a policyholder submitted a theft claim for a $979 Canada Goose Langford Parka on Dec 23, 2016. Within seconds, AI Jim, Lemonade’s artificial intelligence claims bot, reviewed the claim, cross referenced it with the policy, ran 18 anti-fraud algorithms on it, approved it and sent wiring instructions to the bank, informing the policyholder the claim was paid at replacement cost and closed.
In an effort to learn more about the claims process at Lemonade, Claims Journal set out to interview AI Jim. Here’s what we found out:
- AI Jim can handle an infinite number of claims and is the first contact the customer has when submitting a claim.
- He does work as a team, forwarding claims that require physical repair or additional investigation to fellow team members.
- He can’t divulge details on the 18 algorithms he uses to detect fraud.
- He’s interested in continuous learning.”
The link to the rest of the article is below.