Clearcover, a US-based insurtech company focused on car insurance, has unveiled a generative artificial intelligence (GenAI) solution to enhance the insurance claims process.
The AI-driven tool is designed to digitise statement collection, thereby improving efficiency and customer experience during the First Notice of Loss phase.
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It leverages large language models (LLMs) to facilitate a conversational experience that captures incident details typically gathered through subsequent adjuster calls.
This information is crucial for processing and settling claims.
Clearcover’s initiative is part of a broader strategy to deploy a suite of AI products that enhance the entire insurance life cycle.
Earlier in the year, Clearcover introduced a custom-built claims assistant that aids adjusters in file analysis and drafting communications to claimants.
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By GlobalDataThe company’s road map includes the integration of conversational AI into its mobile app, providing customers with 24/7 real-time support.
These features are expected to extend to Clearcover’s agent portal and website in the future.
The new GenAI solution complements Clearcover’s existing digital claims process, known as Clear Claims.
Leveraging the company’s proprietary machine learning technology, ClearAI, Clearcover says it can issue payments on eligible claims in as little as 30 minutes.
Clearcover CEO and co-founder Kyle Nakatsuji said: “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 customer experience departments for leaning into this industry challenge and raising the bar for AI insurance solutions.”
In August 2023, Clearcover introduced Choice, a customisable auto insurance integration for brands.
In April 2021, Clearcover raised $200m in a Series D funding round, which saw participation from existing investors such as American Family Ventures and Cox Enterprises, as well as OMERS Ventures and new backers, with Eldridge leading the investment.
