New AI-driven claims experience for Nordea
Leading Nordic financial services company, Nordea, reinvents its disability claims customer experience using artificial intelligence.
Life insurance customers typically contact their insurer when they’re at their most vulnerable. In the case of a disability claim, the insured may need to take extended time off work. Nordea wanted to better serve its customers and reduce the handling time for disability claims. While its existing handling time was on par with the industry—75 days, on average—Nordea knew its customers were unhappy and needed faster service.
Nordea received about 10 new cases per day. With each case requiring several manual steps and sub-activities involving unstructured data and human judgment, the process was inefficient. The insurer knew technology could help improve this process. But instead of trying to automate the existing process, Nordea took a more customer-oriented approach aimed at reinventing its life insurance process to offer instant claims handling.
In collaboration with our client, we took an agile approach to designing an end-to-end claims process that applies several types of advanced artificial intelligence technologies.
to read letters and convert them to text data.
to extract relevant pieces of information.
to segment disability claims into three different categories based on risk and complexity, and to detect fraud.
to update data across different systems and to initiate payments.
Once the model is fully trained and optimized, Nordea expects that two-thirds of all complex cases will be handled automatically. This will help the company free up 50 percent of its claims capacity. Customers will be pleased with the more efficient claims handling, which also opens up new business opportunities for Nordea.
Jon Erik Medhus
Michael Løiten Magnussen
Application Development Specialist
“By applying a holistic toolkit with a range of different AI technologies, we have built a solution that has drastically reduced the waiting time for customers. We’re thrilled to be able to exceed the expectations of our customers while at the same time operating smarter and more efficiently.”
– VIBEKE SILJAN KROHN, SCOO, Nordea Life & Pensions, Norway