PriyaPatel
TLDR:
- Claims processing has benefitted from the integration of AI, including gen AI.
- The insurance industry faces the challenge of balancing technology and human connection.
Claims processing has benefitted tremendously from the integration of artificial intelligence (AI), including generative AI (gen AI). These technologies are revolutionizing the way insurance claims are processed, assessed, and managed, delivering unprecedented efficiency, accuracy, and customer satisfaction. However, finding a balance between technology and human judgment is crucial in the insurance industry.
Dhara Patel, president and deputy CEO of Davies Group’s North American business, highlights the importance of balancing technology, integration, and growth in the insurance industry. Patel acknowledges that too much technology can be a problem because claims and insurance services still have a very human element to it. This balance is crucial for driving further growth, especially in the North American market, where Davies has seen significant expansion.
Despite the challenges, Patel is enthusiastic about the potential of generative AI and similar technologies to enhance the claims process. Davies is actively exploring opportunities for acquisitions and focusing on technology and innovation in claims services. One of their key projects includes an AI and machine learning tool that has increased subrogation identification and recoveries for insurance carrier clients.
In conclusion, Davies’ strategy for North America involves a strong focus on generative AI technology, M&A activities, and expanding their services nationally. Innovation and improving customer experience are at the core of their growth strategy.
