One of the most relevant topics on the insurance companies' agenda is undoubtedly to make the "Moment of Truth" more comfortable, smoother, faster, and less costly, which is when the Company has to reimburse damages or adverse events for which premiums have been paid.
In the case of vehicle insurance, this process involves activities that are "fed" by various types of documents. Still, one represents the "suffering reason" for all companies: the infamous "friendly" Car Accident Statement.
Why is the Car Accident Statement so "ill-treated"? Several reasons make it unpleasant for everyone.
It is an "unhappy" document, handwritten poorly, almost always under challenging conditions and in stressful and rushed situations.
Many data required by the car accident statements are not readily available, so they must be included afterwards.
When the claim opens, the operator (of the broker, agency, outsourcer, or Company - the process is fragmented and decentralised) can have many difficulties interpreting and retrieving information to activate a process smoothly and without friction.
Not to mention the obligation to process the document (the only one with legal value) within fixed dates and its regulatory significance.
The errors, missing data and mistakes accumulated along the process are in addition to the intrinsic complexity of the document and the process. In that case, there is a risk of being further penalised by regulators, especially concerning the speed of settlement, not to mention possible further sanctions.
Who has never heard complaints about Car Accident Statements and their management? Raise your hand! When claims managers are interviewed (especially those dealing with motor insurance), they always end up there.
For the Company, managing the statement is a costly, slow process, a source of errors that leads to additional costs. Many insurance companies consider managing Car Accident Statement as an irreducible fixed cost, an "Inevitable Cost of Doing Business." An unresolvable problem.
At least so far, at least until the Car Accident Statements have yet to enter the KAPTO's radar...
Why is KAPTO a "disruptive" solution for managing car accident statements?
There are at least three good reasons:
The first is Costs.
Using KAPTO makes it possible to halve (at least) the claim cost related to the Car Accident Statements. How? Through KAPTO's Artificial Intelligence, it is possible to carry out activities currently performed by human operators. It receives documents (scanned, by email) as a single piece of information or "confused" among other documents, separates them, extracts the data present in the car accident statements - well beyond the capabilities of simple OCRs, performs the checks that allow it to be precise, and inserts them into the Company's claims system. All by itself and automatically.
The second is Speed.
The Company is evaluated and measured regarding response times and the ability to close claims within the expected timeframes. Compliance with average settlement performance parameters generates penalties to pay to supervisory authorities.
KAPTO can operate ten times faster than human operators.
The third is Accuracy.
Some data must be retrieved with the utmost precision to be effective:
Low precision in detecting this data generates rework that generates additional costs and delays that slow down the process.
KAPTO extracts the data with great precision (higher than that of any human operator) and activates and completes the process of retrieving missing data on its own.
And here's the BIG news...
And here's the BIG news: KAPTO can manage all three Critical Aspects. KAPTO is the AI solution that can take the Company to a new level of performance in the car accident statements process.
The ultimate goal is to use KAPTO to open claims directly, essentially converting the car accident statements from cumbersome information processed into a source of automation and savings.
All this is executed with high accuracy percentages, minimising human intervention in the process, with great speed and at significantly lower costs than traditional management.
How is this possible?
KAPTO is an advanced Artificial Intelligence application that can replicate a person's behaviours and evaluations when "processing a document". KAPTO's AI models can understand the structure of a document, identify the required information, interpret and correct the data read, and adopt control tools (portfolio, for instance) to certify the data and increase speed and precision.
Lastly, KAPTO is easily integrable with company systems through virtual mail inbox, access to shared folders, secure file transfer and more technical integrations via API.
In an upcoming blog, some technical details and aspects will be discussed in greater depth. Take it!
KAPTO allows you to manage the Company's Car Accident Statements in this way.
What are you waiting for to try KAPTO?
Today, all Companies are looking for tools and ways to reduce costs and increase operational performance. KAPTO is an answer to this need. KAPTO is a SaaS; it does not require particular implementation projects and complexity.
What are you waiting for? KAPTO is ready for you. Gain a competitive advantage, Automate the Car Accident Statements. .
If you want to learn more, contact our experts, book a demo, and discuss how to start the Company on the road to innovation. Make it real, quick and simple.
Let us show you what you are missing in your business. Join the AI revolution and start playing in the big leagues. Let's get together and go over real use cases, to see how machine learning can streamline your business and govern your bottom line.
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