With the ever growing long list of Azure Cognitive Services , combined with Azure machine learning – potential use cases that can now be possible across different industry sectors exist in abundance. Once such sector that is going to be the focus of this blog is the Insurance sector.
With the help of this blog series I will try and explore the application of Azure Cognitive Services , MS Power Platform and any other supporting technologies in the MS ecosystem within the Insurance sector , concentrating specifically on the claims process. The steps that will be followed to complete this exercise will be as below :
- Explain the end to end generic business process that is followed when reporting the FNOL (First notice of loss) right up until the fulfillment of the payment of the claim, keeping auto insurance into context.
- Break down the specific steps in the process and understand how we can apply cognitive services to help improve / speed up the step in question.
- Create an end to end POC based on the architecture specified in step 2.
Despite the fact that I come from a development background, my objective will be to try and keep the overall solution as “no code” as possible and see how far we can get. Hence proving the point that the toolset at our disposal is not just limited to developers but rather to be used by “citizen developers” (refer blog by Steve Mordue) , which I believe is going to be the case in majority of the scenarios going forward.
So lets get started with the first step, and understand the end to end process for filing a claim and receiving a payment.
Without claiming to be an expert on the insurance claim process I will try and explain the process in brief ( supported by the graphic above) :
- The customer / policy holder provides the first notification of loss immediately after the accident . The information provided is further supplemented by any video/graphic evidence
- After providing the insurance company with all the information, the claim will proceed to the next stage, and insurance holder will be assigned a claim representative. The representative will examine evidence of injury claims and provide assistance with the claim process and clarify any outstanding process.
- Based on the nature and value of the damage ( and any other parameters) relevant adjustor from the insurance company will be appointed.
- The adjustor will be responsible for inspection and assessment of the damage and issue a cost estimate.
- Based on the cost estimate issued , if the car is deemed not be be beyond economic repair , relevant repairs are carried out by the appointment garage . If the car is beyond economic repair , a settlement payment is issued to the policy holder on the agreed amount.
The scenario explained above will help us set the scene for the architecture / building blocks that we will put in place to provide fully functional cognitive capabilities as a value add to the process in the next part of this blog.