Clearcover Launches Generative AI Insurance Tool to Expedite Claims Processing and Improve Customer Experience
The leading insurtech is rolling out a series of AI solutions, including Digital Statement Collection at FNOL.
CHICAGO, March 20, 2024 /PRNewswire/ -- Clearcover, a next-generation car insurance company, announces the launch of its revolutionary generative AI solution that further digitizes statement collection, significantly streamlining the insurance claims process and customer experience.
The AI-driven solution utilizes large language models (LLMs) to guide a conversational experience immediately following First Notice of Loss (FNOL). The claims intake tool collects the required information about the incident, which is typically collected in adjuster follow-up calls, to process and pay a claim.
"Our underlying foundation was built with best-in-class technology for digitally native customers, which has enabled us to get ahead of the curve," said Clearcover CEO and Co-founder Kyle Nakatsuji. "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."
As one of the first-to-market insurtechs to include this capability, Clearcover is rolling out a series of AI products to enhance its end-to-end insurance experience. Earlier this year, Clearcover's custom-built claims assistant began supporting claims adjusters in analyzing files and drafting communications to claimants and their representatives. The company also plans to integrate conversational AI into its mobile app to answer customer questions 24/7 in real-time. The feature will later be included within the company's agent portal and website.
"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," said Clearcover's Chief Product and Innovation Officer Adam Fischer.
This launch complements Clearcover's digital claims process, Clear Claims™, enabling the company to process claims even more efficiently. Powered by Clearcover's proprietary machine learning technology ClearAI®, payment can be issued in as little as 30 minutes on eligible claims with the company record being just 7 minutes.
The company ranked No. 56 on the 2023 Deloitte Technology Fast 500 list and recently joined the InsurTech Coalition to ensure the responsible use of new technologies in the fast-paced market.
The company's Senior Director of Product, AI & ML, Jerry Claghorn, is speaking today at InsurTech NY Spring Conference: Analytics & AI Advantage on a panel titled, "Talking to Customers with AI."
For more information on Clearcover, please visit Clearcover.com.
About Clearcover
Clearcover is a next-generation insurance company that provides customers with the technology they need to confidently make the smartest decisions at every step. Clearcover is challenging the status quo with hassle-free insurance that redefines what it means to put the customer first, delivering affordable car insurance with one of the industry's fastest claims experiences. Clearcover includes Clearcover, Inc., which was founded in 2016 by Kyle Nakatsuji and Derek Brigham, Clearcover Insurance Company (NAIC #16524) and Clearcover Insurance Agency. Clearcover has raised more than $480 million in funding to date. In 2023, the insurance fintech ranked No.56 on the Deloitte Technology Fast 500™ list and was on the Inc. 5000 Fastest Growing Privately Held Companies in America list for the second consecutive year. For more information, visit Clearcover.com.
SOURCE Clearcover
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