Data-driven insurance claims management given AI boost

Damco Solutions has partnered with AI as-a-service (AIaas) omni:us to help insurance companies with claims management.

The move is intended to help insurance companies with accelerating their digital transformation.

It is hoped the partnership between Damco’s two decades of insurance IT experience and omni:us’s AI expertise will allow insurers to deploy digitalisation services across their portfolios.

Omnius brings to the table four core strengths:

• Digital FNOL: Real-time claims management that converts information into actionable claims data by minimizing touchpoints with intelligent claim automation
• Claims Indexation: AI cognitive process that streamlines document extraction and classification to read, interpret, and understand data by eliminating the manual workflow
• Completeness Check: AI-powered claims handling process with AI-powered decisions and recommendations, providing insights for regulatory compliance and reducing manual claims touchpoints
• Coverage Check: Intelligent claims automation improving productivity in the claims process by eliminating time-intensive tasks, identifying noncovered claims, detecting fraud, claims leakage, etc.

Mohit Gupta, founder and CEO of Damco Solutions, said, "We look forward to collaborating with omni:us to help insurance companies with AI-based cognitive claims management solutions and digital technologies to simplify claims lifecycle.

“Together, we would be able to help a broader range of insurers industrialise innovation in claims management. With the addition of omni:us, we see tremendous opportunity to enlarge our approach and help more businesses supercharge their future readiness."

Sofie Quidenus-Wahlforss, founder and CEO of omni:us, said, "omni:us and Damco share a common aspiration: to drive insurance businesses towards a more efficient and customer-oriented experience.

“We at omni:us are excited to team up with such a veteran player in the field as Damco. Both sides will benefit from the other's strengths and specialisations and be further empowered to realize our ultimate goal of bringing about wide digital transformation to the insurance sector.”