Slice Launches Automated Claims Settlement
Slice Launches Automated Claims Settlement
Slice Labs Inc. (Slice), a technology startup with the first on-demand insurance platform, has launched an automated claims settlement feature providing an end-to-end digitization of the customer claims journey.

The digital claims journey provides an improved experience for customers and greater efficiencies for insurers by reducing the volume of manual claims handling and associated costs, increasing consistency and improving accuracy. Customers experience a digital first notice of loss (FNOL) journey that includes automated loss evaluation and settlement offer along with immediate digital payment all within one session.

All is made possible by leveraging technologies in natural language processing (NLP), document and receipt scanning, multilingual audio and video transcription and machine learning models for loss classification and depreciation. Furthermore, throughout the entire development of this feature, the team used an ethics-first approach to ensure that potential bias would be mitigated.

The Slice Mind team of data scientists and developers worked in partnership with Duuo, a digital insurance distributor created by The Co-operators, on this cutting-edge technology. Plans for deployment include making this feature initially available in Duuo’s Rent-My-Stuff Insurance product, followed by their remaining on-demand insurance products. Duuo’s claims team played a critical role in the development of this feature and the training of the algorithms used within the ML models.

Luc Lamadeleine, Director of Claims at Duuo, said, “We are extremely pleased to be launching this new feature, which we believe is the first completely touchless claims process in Canadian P&C insurance. This new feature was carefully built by applying both sound and effective claims practices, as well as the latest digital tools and technology. We are confident that this innovative claims process will enable us to respond even more quickly to our clients in their time of need.”

“This feature is a game-changer in insurance claims for customers and carriers. Customers are faced with a complex, cumbersome, and often very time-consuming claim process. Insurers deal with costly claims management. Automating the claims process through settlement provides a customer-centric experience in a digital age, and drastically reduces claims management costs for insurers,” said Tim Attia, CEO of Slice Labs.

Source: Yahoo Finance

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