Winner of the 2024 Model Insurer Award for Data, Analytics and AI
Abstract
Cathay Life Insurance's Claims Smart Platform is winner of Celent's 2024 Model Insurer award for Data, Analytics, and AI. The platform, launched in October 2022, integrates a large volume of case review decision trees to improve the efficiency and quality of claims review. By leveraging human-machine collaboration, the platform enables timely and appropriate services for customers, enhances risk management, and facilitates the development of automated claims processing. The implementation of data-based decision making has reshaped the risk management mindset, improved decision-making transparency, and generated greater future value from data. Additionally, the platform has reduced training time for new hires by 50% and claims review time by 10%, resulting in significant cost savings and increased productivity. The Smart Platform has transformed claims personnel, fostering an agile culture and promoting a sense of pride and belonging. Furthermore, it has facilitated the analysis of case review records for precise risk analysis and pricing, leading to positive cycles and data transparency.