Artificial intelligence, machine learning, and big data analytics are revolutionizing the old-school industry of insurance, providing faster and smarter methods for law firms and insurance companies alike.
Historically, insurance claim management involved attorneys and insurers working independently, relying on their own isolated tools, workflows, and data. But over the past decade, companies like ClaimDeck have digitally transformed the industry via SaaS products that consolidate tasks and information in a centralized location, and ultimately streamline the processing of insurance claims from start to finish.
Codal teamed up with ClaimDeck to build a modern litigation management platform from scratch, combining our product development and UX/UI design expertise with years of experience and insight from seasoned insurance industry professionals. You can learn more about how we built the platform by reading the full case study here.
Today, with the influence of ChatGPT and other innovations, the power of AI is being realized across industries, but its implementation among law firms and insurance companies—like many other forms of digital transformation—has been relatively slow. With the launch of ClaimDeck AI, a cutting-edge chatbot feature we recently added to the platform, ClaimDeck continues to push the industry forward with faster, smarter methods for managing insurance claims.
How ClaimDeck AI works
With an intuitive user interface and familiar chatbot aesthetic, ClaimDeck AI behaves like an assistant to the platform’s two main user types: attorneys and claim adjusters. Users simply enter a prompt and receive a response within seconds.
Depending on the task at hand, the bot can:
- Summarize existing legal documents.
- Generate templates and drafts for new legal documents.
- Draft email communications between parties.
- Conduct legal research using publicly available data.
For attorneys, this makes the legal document review and analysis process faster, more affordable, and less prone to human error. And for insurance adjusters, obtaining automated summaries of relevant documents simplifies the process of assigning claims and overseeing all legal proceedings.
With access to structured data from all kinds of legal documentation on the platform, including discovery findings, verdict research, settlement agreements, notices, records, receipts, transcripts, and more, the bot is able to extract pertinent information on a wide range of queries. In addition to basic text, responses may include graphics, email addresses, URLs, and hyperlinks. Plus, the bot is always learning and improving, as users can upvote or downvote its responses based on how useful they are.
It should also be noted that learning patterns and data from documents, prompts, and responses are stored in an encrypted manner to protect the privacy of ClaimDeck users and their clients.
Here are a few examples of the most common ClaimDeck AI prompts:
- “Give me a summary of all expert witness testimonies.”
- “Provide a summary of all medical expenses incurred by the claimant.”
- “Are there any references to prior accidents or injuries in the plaintiff's deposition?”
- “When is the next court appearance scheduled?”
- “Create an email summarizing the inconsistencies in the plaintiff's deposition testimony for our client.”
- “Prepare a settlement offer letter based on the current damages and expenses listed in the documents.”
The impact of AI in insurance claims management
By automating historically manual, time-intensive tasks, the ClaimDeck AI chatbot helps law firms and insurance companies utilize their time and resources more efficiently. As the industry continues to evolve, businesses that invest in AI for their claims management process will enjoy the following benefits:
- Accelerated claims processing: When analyzing high volumes of data, chatbots can summarize documents and present research findings faster than any human, helping the entire process move along faster and with fewer roadblocks.
- Lower costs: By offloading tasks to AI, firms can save money on recruiting, onboarding, and training new employees.
- Higher accuracy: AI chatbots are objective and able to process large amounts of information in a short amount of time, without growing tired or fatigued like their human counterparts.
- Improved forecasting: By analyzing historical trends via public and private databases, AI can predict the outcome of an insurance claim with unmatched speed and accuracy, which helps with allocating resources and managing client expectations.
Implement AI capabilities for your digital product
By harnessing the power of AI, Codal’s partnership with ClaimDeck has helped thousands of law firms and insurance companies deliver greater value to their clients—and the rest of the industry is taking notice. In fact, our chatbot feature was recently demoed at the 2023 InsurTech Connect conference in Las Vegas.
While many companies long to automate tasks and eliminate human error, they lack the expertise and resources to get started. Or, more specifically, they’re data is scattered across disparate systems, and must be re-structured and centralized to fully adopt transformative AI solutions. If that sounds like your business, we’d love to chat with you.
Codal designs, develops, launches, and maintains data-driven digital solutions for enterprise businesses, helping them drive customer engagement, boost productivity, and scale for the future. To learn more about implementing AI capabilities for your business’ digital products, get in touch with a member of our team today!
Also, if you’re interested in learning more about ClaimDeck and trying out the new AI chatbot, click here!
