AI and NLP in Claims Management: Strategies for Reducing Costs and Improving Efficiency

In this webinar, discover the latest advancements in predictive modeling and decision-support solutions that utilize Artificial Intelligence (AI) and Natural Language Processing (NLP) to analyze both structured and unstructured data, streamlining claims management and reducing claim costs.

Gain valuable insights into the innovative ways AI and NLP are transforming the insurance industry, as we dive into their potential for identifying patterns and trends in claim data. Learn how these technologies empower claims professionals and risk managers with actionable insights for informed decision-making.

Join our featured speaker, Mike Paczolt, Principal at Milliman, as he shares real-world examples demonstrating the effectiveness of these cutting-edge solutions in identifying potential high-cost miclaims, accelerating claim resolution, and improving overall operational efficiency. 

During this webinar we discussed:

Key challenges faced by the industry and how predictive modeling and decision-support solutions can help overcome them:

• The claims adjuster workforce is facing a knowledge gap due to experienced adjusters retiring;
• Many organizations continue to rely on claims professionals to triage claims at the first notice of loss (FNOL), a process that can be time-consuming, error-prone, and often based on insufficient information;
• Claim severity continues to escalate over time, leading to more complex claims, potential litigation, and longer resolution times;
• Even in Workers’ Compensation (WC), where rates have been relatively flat, there is a significant lack of transparency in the cost of medical care;
• WC payers face higher medical costs, paying 60-100% more than group health payers for identical conditions; and
• WC organizations often review performance by benchmarking against their own historical data, rather than comparing costs to their peers in group health.