Overview
NovoAI’s claims processing solution is designed to automate the complex and time-consuming task of managing insurance claims, delivering higher efficiency and accuracy. Our platform leverages cutting-edge Optical Character Recognition (OCR) and Generative AI technologies to extract, read, and understand unstructured data from a wide variety of documents in any Asian language. The result is a seamless claims management workflow that eliminates manual data entry, reduces errors, and accelerates processing times. NovoAI’s solution empowers insurers to optimize their operations, minimize fraud, and enhance customer satisfaction.
The solution integrates directly with insurers' existing systems through flexible APIs, enabling quick implementation—typically within weeks. This allows insurers to scale effortlessly, adapting to diverse document formats and languages across the region. Currently deployed by leading names in the industry such as April International and Tokio Marine, NovoAI has delivered up to 70% productivity gains and 91% automation of claims processing with zero manual intervention.
Key Features
1. Multi-Language OCR and Data Extraction:
- Accurately reads and extracts data from documents in all major Asian languages.
- Supports a variety of document types including invoices, claim forms, and medical reports.
2. Automated Claim Classification and Triage:
- Classifies and organizes claims based on type, urgency, and completeness.
- Auto-routes claims to the appropriate team or department for review.
3. Fraud and Abuse Detection:
- Detects anomalies and potential fraudulent claims using AI-driven pattern recognition.
- Flags high-risk claims for further investigation, minimizing false positives.
4. Seamless System Integration:
- Easy-to-integrate API for direct connectivity with existing claims management systems.
- Compatible with diverse insurance platforms for quick deployment.
5. Real-Time Document Processing and Review:
- Processes claims in real time, enabling faster decision-making and approvals.
- Reduces manual touchpoints, enhancing overall claims processing speed.
6. Case Management and Review Automation:
- Automatically creates structured case files for review and compliance checks.
- Facilitates collaboration across teams with a centralized dashboard.
7. Scalable and Customizable:
- Scalable to handle varying volumes of claims across multiple business units and geographies.
- Customizable workflows to match unique insurer requirements.
8. Compliance and Audit Trail:
- Ensures adherence to local regulations and industry standards.
- Provides a complete audit trail of document handling and decision-making processes.
Key Benefits
1. Increased Operational Efficiency:
Automates up to 91% of claims, reducing processing times and manual intervention, resulting in up to 70% productivity gains for claims teams.
2. Enhanced Accuracy and Reduced Errors:
Minimizes data entry errors through precise OCR and AI-driven data extraction, ensuring higher-quality claims management and compliance.
3. Scalable, Rapid Implementation:
Easily integrates with existing systems, enabling insurers to implement the solution in under a month and scale effortlessly across different regions and languages.
