Outcreating Slow, Manual Claims Settlement with Cognitive AI for an Global Insurer

Our Client

The client is a leading international insurance group headquartered in Germany. Operating in more than 20 countries, it offers a comprehensive range of insurance products, including property and casualty, life, health, travel, and legal protection, to both private and corporate clients.

With a large and diverse customer base, the insurer set out to build a modern digital claims experience through digital transformation, improving customer experience, accelerating innovation, and speeding time to market.

Industry Trends

Insurers are reinventing claims with AI claims processing to meet rising customer expectations and control costs. Leading carriers are increasingly:

• Scaling insurance claims automation from notification through settlement
• Offering digital, self-service first notice of loss (FNOL) across web and mobile
• Using conversational AI to guide customers through claims 24x7
• Applying computer vision to assess damage from customer-submitted images
• Leveraging historical claims data to predict repair costs and settlement values
• Modernizing legacy claims platforms onto scalable digital foundations

Challenges

The insurer faced several challenges in delivering a modern claims experience.

• Legacy customer servicing: A huge customer base was still being served through legacy processes and channels, slowing claims and limiting customer satisfaction.
• Need for a scalable digital foundation: The insurer required a robust, scalable technology foundation with enterprise digital capabilities and a real-time, 24x7 online and mobile customer experience.
• Pressure to innovate: The business needed a next-generation claims processing solution to improve customer experience, drive innovation, and achieve faster time to market.

Addressing these challenges through insurance claims automation was essential for the insurer to stay competitive and meet evolving customer expectations.

LTM's Solution

LTM delivered a cognitive AI claims processing solution that digitized and accelerated the motor claims journey from notification to estimate.

• Conversational claim filing: A chatbot answered customer queries and assisted with quick claim notification and filing.
• Guided damage capture: An easy, intuitive experience guided customers to capture images of vehicle damage, which the solution processed to provide a damage estimate.
• Predictive estimation engine: LTM leveraged historical claims data to build an optimized estimation prediction engine, improving the speed and consistency of damage assessments.
• Always-on digital experience: The digital claims experience provides 24x7 assistance across online and mobile channels, enabling customers to start claims whenever they need to.

Business Benefits

The insurance claims automation solution delivered measurable improvements in speed, cost, and customer experience.

• Delivered 10x faster claim settlement with 24x7 assistance.
• Achieved 30% annual savings in claims processing.
• Enabled real-time AI claims processing for vehicle claims.
• Improved customer experience with an intuitive, self-service claims journey.
• Established a scalable digital foundation for future claims innovation.

Conclusion

By bringing cognitive AI to the heart of its claims process, LTM helped the insurer move from legacy servicing to a real-time, always-on digital claims experience. Customers can now file and progress claims in minutes, while the insurer benefits from lower processing costs and a scalable platform for continued insurance claims automation and innovation.

Accelerate manual claims settlements with AI-powered insurance claims automation.

Contact us at info@ltm.com