NTUC Income, IBM announce Singapore AI partnership

Insurer joins forces with international tech firm to roll-out AI in claims

NTUC Income, IBM announce Singapore AI partnership

Insurance News

By Jordan Lynn

NTUC Income has announced that it will partner with IBM to roll-out artificial intelligence and automated technology to improve its claims process.

The insurer will embed the technology into its business by using IBMs Watson Explorer in its pre- and post-hospitalisation claims process.

NTUC Income receives an average of 14,000 hard copies of claims per month and each is currently reviewed, assessed and approved manually, a process which increases the time taken for claims to be processed.

The firm will now use IBM Datacap to better manage claims and IBM Watson Explorer throughout the insurance lifecycle to make better informed claims decisions.

Andrew Yeo, NTUC Income’s general manager for life and health insurance, said that the move toward AI will free up time for NTUC staff to work on other things, and will also improve retention rates by removing manual work.

“It is important that we deploy our claims assessors strategically and in a way that is commensurate with their specialised skill-set,” Yeo said. “This is essential to raise staff satisfaction levels and support talent retention in Income.”

Yeo said that using automation and artificial intelligence will allow the firm to scale its responsiveness to higher volumes while also improving claims experience for customers.

DJ de Villiers, insurance industry director, IBM Asia Pacific, said that insurers are increasingly looking to AI and similar technologies to improve the claims experience without compromising high standards of service and risk management.

“The challenge is exacerbated in an environment where business is growing and experienced claims talents are hard to find,” de Villiers said.

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