GENAI USE CASES | INSURANCE
Transforming Insurance
Generational opportunity for cost saving
Kosmoy Studio empowers insurers to easily deploy Large Language Model (LLM)-based applications and GenAI agents that streamline claims processing, enhance customer support, and bolster compliance efforts.
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By integrating these advanced AI tools, insurance companies can optimize their operations, reduce costs, and deliver superior service to their clients. Kosmoy Studio provides insurers with the ability to revolutionize their customer support through advanced AI-driven solutions. GenAI agents with audio capabilities can handle customer inquiries, assist with policy information, and process claims more efficiently.
Additionally, high-performance chatbots, powered by Retrieval-Augmented Generation (RAG), can offer personalized support through digital channels, enhancing the overall customer experience. Internally, GenAI applications can help in detecting fraudulent claims, ensuring compliance with regulations, and streamlining administrative tasks.
DETAILED USE CASES
GenAI Applications
for Insurance Companies
AUTOMATING CUSTOMER SUPPORT
WITH AUDIO CAPABILITIES
Insurance companies can reduce operational costs by deploying Kosmoy Studio's GenAI agents with audio capabilities to handle customer support. These agents can answer queries about policy details, assist with claims processing, and even schedule appointments with insurance advisors.
How It Works:
1. Call Handling: The GenAI agent manages incoming calls, providing accurate information on policies and coverage.
2. Claims Assistance: The agent guides customers through the claims process, collecting necessary details and documentation.
3. Appointment Scheduling: If further assistance is needed, the agent can schedule appointments with human advisors.
ASSISTANT CHATBOT FOR
INSURANCE AGENTS AND BROKERS
Insurance firms can implement high-performance chatbots using Kosmoy Studio's GenAI assistants with RAG functionalities. These chatbots can support insurance agents and brokers by helping them identify the best insurance products for their clients based on detailed customer profiles and existing product portfolios.
How It Works:
1. Customer Profile Access: The GenAI assistant accesses detailed customer profiles, including previous purchases and individual needs.
2. Product Recommendations: By analyzing the available insurance products and matching them with customer profiles, the assistant suggests the best options.
3. Continuous Learning: The assistant improves its recommendations over time by learning from interactions, ensuring better support for agents and brokers.
COMPLIANCE AND FRAUD DETECTION
Kosmoy Studio's GenAI agents can enhance compliance and fraud detection efforts by monitoring transactions and claims in real-time, ensuring adherence to regulatory standards and reducing the risk of fraudulent activities.
How It Works:
1. Transaction Monitoring: The GenAI agent reviews transactions to detect any anomalies or suspicious activities.
2. Regulatory Reporting: The agent generates compliance reports, ensuring all necessary regulations are met.
3. Fraud Detection: Advanced algorithms analyze claims data to identify and flag potential fraud, allowing for timely investigations.
CLAIMS SUPPORT AND REVIEW
GenAI agents can streamline the claims review process by analyzing supporting documentation such as medical diagnoses for health insurance claims, ensuring accurate and efficient claims processing.
How It Works:
1. Document Analysis: The GenAI agent reviews claim documents, including medical reports, to verify the validity of claims.
2. Claims Assessment: The agent evaluates claims against policy coverage, making recommendations for approval or further investigation.
3. Efficiency and Accuracy: This process reduces the time and effort required for claims assessment, enhancing both accuracy and efficiency.
COMPLIANCE REVIEW
OF INSURANCE PRODUCTS
Kosmoy Studio's GenAI agents can also ensure that insurance products comply with applicable regulations by implementing the "four eyes principle." This involves thorough review and verification of all product materials to ensure they meet regulatory standards.
How It Works:
1. Product Material Review: The GenAI agent examines insurance product materials to ensure they comply with current regulations.
2. Regulatory Compliance Verification: The agent flags any potential compliance issues and provides recommendations for adjustments.
3. Thorough Documentation: The process ensures all compliance reviews are well-documented, providing a reliable audit trail.