Roots Automation, creator of advanced, intelligent Digital Coworkers for the insurance industry, announced it has enhanced its Digital Claims Assistant Digital Coworker to execute the next-best-action around demand packages, including demand letters and other time-sensitive documents. Roots Automation’s Digital Claims Assistant accurately extracts data and improves document-based processes, as well as collaborates with an insurance company’s human workforce, to drive efficiencies and effectiveness in the claims management process.
It can be a very complex and labor-intensive process to find important specific demand information from a claimant’s attorney, buried deep in lengthy documents and emails, and companies often miss 30 percent of time-limited demand within a demand package as a result.
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To help combat this and the resulting repercussions, Roots Automation has augmented its Digital Claims Assistant by using natural language processing (NLP) to ingest, classify, understand and process all of the structured and unstructured data claims processors receive to uncover demand information and then rapidly provide the recommended next steps. With this enhancement, Roots enables insurance businesses to respond to demand packages faster with higher accuracy and at a much larger volume; meet regulatory requirements; and significantly reduce claims leakage – which represents roughly six percent of total claim payments, equating to around $67 billion for U.S. insurers annually.
Since launching a short time ago, Roots has seen a 300% increase in customers using the demand package functionality.
“Our Digital Claims Assistant is using large language models trained with deep insurance domain knowledge which makes it highly accurate and lightning-fast. It is also able to scale infinitely to handle large volumes of data – all of which is needed when it comes to demand packages,” said Ratish Dalvi, Head of Artificial Intelligence and Machine Learning at Roots Automation. “We are continually evolving our solution with the latest and best AI tools and techniques, helping our customers shortcut their AI journey significantly and improve the claims assistant’s skills and capabilities on an ongoing basis.”
SOURCE: PR Newswire