How Natural Language Processing Streamlines The Claims Process

The business of insurance claims can be risky and costly. The ability to manage and mitigate risk can mean the difference between profitability and lost revenue.

Yet insurance companies struggle to process high volumes of claims (some of which may be fraudulent) in a way that limits their financial exposure.

Many insurance companies are turning to natural language processing (NLP) and natural language understanding(NLU) solutions to apply structure and understanding to complex language-based documents.

Insight from this language data can be used to mine information that can help predict risk while bringing growth opportunities to the surface.

Let’s look at how NLP/NLU streamlines insurance claims process.