Clearcover launches GenAI insurance tool to expedite claims processing

Clearcover, the next-generation car insurance company, has announced the launch of its revolutionary generative AI solution.

Clearcover, the next-generation car insurance company, has announced the launch of its revolutionary Generative AI solution.

The offering is aimed at further digitising statement collection to significantly streamline the insurance claims process and enhance customer experience.

This innovative product aims to leverage advanced technology to improve efficiency and effectiveness in claims management.

The newly-launched solution utilises large language models (LLMs) to guide a conversational experience immediately following the First Notice of Loss (FNOL).

This claims intake tool collects necessary information about incidents, typically collected in adjuster follow-up calls, to process and pay a claim efficiently.

Clearcover’s generative AI solution complements its existing digital claims process, Clear Claims™, enabling the company to process claims even more efficiently.

Powered by Clearcover’s proprietary machine learning technology ClearAI®, the solution can issue payments in as little as 30 minutes on eligible claims, with a company record processing time of just 7 minutes.

The company is among the first InsurTechs to introduce such advanced capabilities, aiming to enhance its end-to-end insurance experience.

It plans to integrate conversational AI into its mobile app to provide real-time customer support and later extend this feature to its agent portal and website.

Clearcover CEO and Co-founder Kyle Nakatsuji, stated, “Our underlying foundation was built with best-in-class technology for digitally native customers, which has enabled us to get ahead of the curve. I am incredibly proud of our Product, Claims and CX departments for leaning into this industry challenge and raising the bar for AI insurance solutions.”

Clearcover’s Chief Product and Innovation Officer Adam Fischer, added, “By leveraging the power of generative AI, we’re ushering in a transformational way for our customers to share information and self-serve throughout their insurance journeys.”

Keep up with all the latest FinTech news here

Copyright © 2024 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.