Insurance: 50% Faster Preliminary Checks of Foreign Insurance Claims
Thanks to BestCompliance.AI, the insurance company cut the time for initial processing of insurance claims in half.
50%
Faster Initial Claims Processing
1m
Per Document Check
30+
Policies In One Robust Database
Overview
BestCompliance.AI allows companies to upload their corporate policies on the platform and check any document for compliance in minutes instead of involving expensive professional work and waiting for their feedback for days.
In this case study, we delve into how the solution helped the Insurance Company to streamline its operations, speeding up the claims processing almost threefold.
Problem Statement
- The insurance company struggled to process international insurance claims due to regulatory differences.
- Compliance officers spent days consulting with foreign peers about specific requirements in their jurisdictions.
- The delay in insurance payments resulted in client dissatisfaction.
Solution: BestCompliance.AI simplifies navigating between different policies:
-
All policies and regulatory acts are accessible on a single platform.
-
Employees easily switch between policies, choosing the ones currently needed.
-
AI detects violations of specific policies in seconds.
-
Outdated policies can be easily substituted with relevant ones.
This video showcases how a Compliance Officer from London office uploads regional policies in BestCompliance.AI
This video showcases how a Polish Agent checks the Insurance Claim from a local client for compliance violations in the UK
Results
- Employees now spend minutes instead of days on initial compliance checks of each claim.
- The document processing sped up to 50% due to fast access to all the needed policies.
- Faster processing of insurance claims resulted in increased customer loyalty.
Time spent on initial Compliance Check of a Document
-
With Manual Check: 2-4 days
-
With BestCompliance.AI: 1-2 minutes
Conclusion
BestCompliance.AI serves as a versatile database for numerous policies the Insurance Company uses to maintain flawless Compliance.
It is accessible to all employees across regional offices, allowing them to independently perform instant checks of claims from abroad, involving Compliance Officers only for complex reviews.