Although it may not be discussed as frequently as claims in commercial insurance, a negative premium audit experience can be just as likely as a poor claims experience to cause policyholders to switch insurers.
Executive Summary
AI assistants are poised to take on time-consuming tasks, including one that's a particular problem for commercial insurers: gathering correct information for premium audits. Here, NeuralMetrics CUO Chris Schrenk details some of the ways in which these digital co-workers can improve the process for policyholders (by eliminating unnecessary questions) and insurers (by staying abreast of regulatory requirements and standardizing responses in consistent formats).That can be a problem for insurers whose premium audit practices contribute to declining client satisfaction.
What can go wrong?
Many premium audits can take months to complete due to inefficient processes and procedures. Therefore, it may take a long time for clients to learn that they owe more money because their risk was underestimated, or they are due a refund because too much premium was collected.
That’s where a specialist AI assistant comes in, providing a technology solution that streamlines one of the most time-consuming tasks of the premium audit process: data collection and validation.
