Australian general insurer Suncorp has launched an AI claims tool to be used across its operations to improve claims processing, the business announced in a press release on Wednesday.
The Single View of Claim (SVOC) initiative uses generative AI to create a simplified view of a customer’s claim status, summarising the next steps required to progress the claim.
The company said it has reduced the time claims managers spend searching across systems by five to 30 minutes. The tool was initially rolled out in the firm’s claims division and has more recently been expanded across the business.
Commenting on the launch, Suncorp CIO Adam Bennett said: “Thanks to AI, our claims managers can access a simplified summary of a claim, reducing the time spent looking for information and increasing the accuracy and quality of their customer interactions as they provide updates on the claim’s progress.”
“This isn’t something that sits in ‘the IT department’ – it’s intrinsic to our strategy, has top-down sponsorship, and is being embedded enterprise-wide. Our safety approach ensures AI operates securely and ethically at scale,” he added.
To date, SVOC has produced 1.8 million claim summaries, processing over 2.74 billion words.
In December, Suncorp inked a five-year partnership with Microsoft to advance the use of AI and cloud technology, aiming to enhance its insurance operations.
