New Delhi: Max Life Insurance has announced the launch of ‘Claims Transformation Program’, an innovative initiative to enhance claims processing. The program will allow the company to deliver true ‘InstaClaim’ by processing 30% of death claims within 3 hours.
Under the Claims Transformation Program, Max Life has implemented automation technologies,
Straight-Through Processing, API Integrations, and Optical Character Recognition (OCR). The program is powered by Artificial Intelligence (AI) and Machine Learning (ML) to reduce claims settlement turn-around time (TAT) and enhance operational efficiency.
The key features of the program include:
Enhanced Automation: Straight-Through Processing (STP) is expected to automate up to 30% of claims leading to a reduction in manual intervention and an improvement in operational efficiency.
Fraud Detection: The integration of machine learning algorithms will help in analyzing patterns and detecting fraudulent claims.
Improved Accuracy: By utilizing advanced analytics, the program is expected to improve claim accuracy.
