What’s Your Insurance Halo Plan? Video Transcription
So, what’s your halo plan? We expect fraudulent activity to rise in the current environment, in a deep recession, as fraud has always risen in past recessions. We also know that for insurers claims automation has been a huge priority as you strive to satisfy your customers. I think during this pandemic and recession customers want their claims reimbursed faster than ever.
What Are the Halo Effects in Insurance?
So, what are the halo effects? These are the multitude of interrelated patterns associated with fraud and risk. Simple statistical analysis or one-dimensional view of outline behaviour is not sufficient and leaves you open to claim losses and inadequate risk assessment. Furthermore, pushing for claims automation, you may be paying many claims that you shouldn’t today.
Halo and AI
So, this is where AI comes in. Finding the thousands of interrelated patterns that comprise fraud and risk is incredibly complex and beyond human ability. Automation and the ability to deal with these low complexity, low materiality, and high volume claims, like small medical claims or windshield losses, it’s only possible if you have strong AI in place that you feel confident in. So again, I ask you, what’s your halo plan?