Will robots & AI replace Insurance Claims and Policy Processing Clerks?

As Artificial Intelligence (AI) and machine learning technologies continue to evolve, many professions are confronting the risk of automation.

One such occupation is that of insurance claims and policy processing clerks, who face a staggering 98% chance of being replaced by AI-driven systems.

In this article, we will discuss the role of these clerks and examine the reasons behind their high likelihood of automation.

What Do Insurance Claims and Policy Processing Clerks Do?

Insurance claims and policy processing clerks are essential to the smooth operation of insurance companies. Their primary responsibilities include:

1. Processing insurance applications: Clerks review insurance applications, verify the accuracy of the information provided, and input the data into the company’s system.
2. Issuing policies: Once an application is approved, clerks issue the insurance policy and ensure that all necessary documentation is prepared.
3. Handling claims: Clerks process insurance claims by reviewing the submitted documents, verifying coverage, and coordinating with adjusters and appraisers to determine the appropriate payout.
4. Updating policy records: They maintain accurate records of policyholders’ information, coverage details, and any changes made to their policies.
5. Assisting customers: Clerks provide customer support by addressing inquiries, resolving issues, and providing information about policies and claims.

Why Are Insurance Claims and Policy Processing Clerks at Risk of Automation?

The high probability of automation for insurance claims and policy processing clerks can be attributed to several factors:

1. Advanced AI and machine learning algorithms: AI systems have become more sophisticated, enabling them to process and analyze large amounts of data more efficiently and accurately than humans. This allows AI-driven platforms to handle tasks such as policy processing and claims management with greater speed and precision.
2. Automation of customer interactions: The adoption of chatbots and virtual assistants allows companies to automate many customer interactions, reducing the need for human clerks to handle inquiries and policy updates.
3. Improved data processing capabilities: AI-driven platforms can analyze and process vast amounts of data more efficiently than humans, enabling them to manage records and assess claims more effectively.
4. Cost savings and increased efficiency: The automation of insurance claims and policy processing tasks can result in significant cost savings for insurance companies, as well as improved efficiency and reduced error rates.
5. Regulatory compliance: AI systems can be programmed to ensure strict adherence to regulatory requirements, minimizing the risk of human errors and potential legal repercussions.

Conclusion

The role of insurance claims and policy processing clerks is highly susceptible to automation due to rapid advancements in AI and machine learning technologies, as well as the increasing automation of customer interactions.

By adopting AI-driven solutions, insurance companies can benefit from cost savings, increased efficiency, and reduced error rates.

Insurance claims and policy processing clerks should consider acquiring new skills and seeking opportunities in areas that are less likely to be automated, in order to remain relevant in the changing insurance industry landscape.

Cristian Gonzalez

I have been using automation tools for many years, now with the advancements of AI and Machine Learning I have been more and more interested in this topic, that's why I started Robotizados a website that helps people be informed about the risks, challenges, and opportunities of Artificial Intelligence.