AI in InsurTech may help reduce the 33% rise in medical insurance premiums in UAE Insurance claim payment decisions can be 99% accurate through AI integration.
Perceptiviti, an Abu Dhabi-based deep technology company that was established in 2017, is leveraging Artificial Intelligence (AI) to strengthen the UAE’s healthcare insurance landscape. The introduction of AI in insurance technology is leading to a transformation in the industry’s approach. Instead of merely detecting and fixing issues after they occur, AI is enabling insurers to predict and prevent potential problems. This shift is revolutionizing every aspect of the insurance sector.
Perceptiviti, is definitely a strong presence in this space, leveraging the nuanced power of AI to craft a suite of solutions that streamline the insurance journey with accuracy at its core. Their product ‘Sherlock’ embodies this vision, offering a suite of finely-tuned technologies designed to digitally transform the patient claim experience. The product discreetly ushers in a new era of claim processing. Its unobtrusive intelligence processes nearly five million claims annually, seamlessly navigating through a complex web of medical necessity rules and adjudication algorithms, with an accuracy rate of over 99% in payment decisions.
AI plays a crucial role in Insurance Technology by bolstering customer trust, a key factor considering that 42% individuals still harbor doubts about their insurers. Therefore, it is imperative for insurers to prioritise trust-building with their customers. The incorporation of AI tools, such as Perceptiviti’s Sherlock, not only elevates customer satisfaction and prioritisation but also yields substantial cost savings, especially in the dynamic and ever-changing landscape of the insurance industry. This collaborative approach ensures a more seamless, efficient and personalised insurance experience. With AI leading the way, there is an optimistic outlook for even more substantial benefits for both individuals and the broader healthcare industry.
Additionally, the notable rise in annual medical insurance premiums in the UAE, which increased by approximately 33%this year compared to 2022, can be attributed to an upswing in claims. Residents upgrading coverage increases risk, prompting insurers to raise premiums to account for higher claim probability, causing a surge in health insurance costs. The integration of AI, exemplified by Perceptiviti’s Sherlock, stands poised to address the escalating medical insurance premiums in the UAE. By leveraging Sherlock’s capabilities to automate claim processing; processing costs can be slashed by 70% and turnaround times (TAT) shortened by an impressive 90%. This substantial reduction in Fraud, Waste and Abuse results in savings of up to 15%, a portion of which can be translated into lower premiums for patients. Consequently, this advancement not only enhances the accessibility and effectiveness of healthcare but also contributes to increased affordability.
Sandeep Khurana, Founder and CEO of Perceptiviti said: “AI’s role in Insurance Technology extends far beyond mere automation; it is a catalyst for precision, efficiency and trust. With its algorithms, AI brings a much needed insightful approach to the claims process, instilling a newfound sense of certainty into medical claims processing.
“What distinguishes Perceptiviti and our offering is not just the technological advancement we provide, but our commitment to simplifying lives through seamless processes. With an implementation period as brief as four to six weeks, businesses can effortlessly adopt this product and help make claims 99% accurate. With our solution, we aim to cultivate trust among customers, solidifying their confidence in the industry and ensuring that claims are met with utmost accuracy benefitting all stakeholders involved.”
This integration saves upwards of $100 million for global insurers, safeguarding against claim leakages. Through its nuanced approach, it identifies fraudulent claims with a hit rate of over 80%, ensuring financial resources are allocated where they are needed most. Beyond the numbers and algorithms, Perceptiviti’s Sherlock is a testament to the potential of AI in Insurance Technology. It represents a subtle yet profound shift in how we navigate the intersection of healthcare and insurance. In a world where every decision matters, Perceptiviti ensures to always bring in a measured sense of certainty.
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