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AIA's CTO shares how Generative AI boosts insurance efficiency

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Insurtech Insights

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Reflecting on Insurtech Insights Asia 2024, we were honored to welcome Biswa Prakash Misra, Group Chief Technology Officer at AIA, to the main stage. Biswa shared how AIA is harnessing the power of Generative AI to transform operations - most notably by reducing the time it takes to process claims documents from 25 minutes to just 5. This breakthrough is not only driving efficiency but also freeing up claims assessors but also clearing up the backlog of claims. Want more insights like this? Join us at our next event in Hong Kong this December: https://lnkd.in/dy5gG82 Stay ahead with the latest trends—subscribe to our weekly newsletter: https://lnkd.in/ddymNCY3 #InsurtechInsights #Insurance #Insurtech #AI #GenerativeAI #ClaimsInnovation

Transcript

One of our large business units at top five business unit claims we do deal with about 200,000 claims a month. And many of these claims, we've got 60 pages, 55 pages of the documents coming in. We just switched on a generative AI tool which summarizes the claims papers that are coming in. Which reduces the time it was taking from 25 minutes to about 5 minutes. And think what it is doing, it's not just basically freeing up the time of the assessor to look at. It clears up the entire backlog. And in a lot of cases which human beings would have had to go through those tons of pages, they no longer need to basically go through it.

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