Insurance companies are leveraging Artificial Intelligence (AI) to streamline hospital discharge and settlement processes, aiming to reduce the time and costs associated with these procedures. By implementing AI-powered systems, insurers can automate tasks, enhance data analysis, and improve communication with hospitals and policyholders. This can lead to faster and more efficient settlement of claims, reduced administrative burdens, and enhanced customer satisfaction. AI-driven solutions can also help identify potential issues and areas of inefficiency, enabling insurers to proactively address them and further optimize the discharge and settlement process.

Last month, Sampat Jain’s family experienced a health scare when his sodium levels dropped, and he was hospitalized at Apollo Hospitals in Kolkata. Although he was ready to be discharged by 8:30 a.m., the process took nearly 12 hours to complete due to the lengthy discharge formalities and paperwork. This scenario is not uncommon in India, where manual procedures for claims assessment and settlement can be time-consuming. However, insurance companies are now leveraging artificial intelligence (AI) to streamline these processes and reduce the time taken for discharge and settlement.

According to Mayank Bathwal, CEO of Aditya Birla Health Insurance, AI can process claims in minutes, making the process much faster and more efficient. AI is being used to read and analyze medical records, determine claim eligibility, and automate claims assessment, reducing the need for human intervention. This is particularly significant in India, where medical data is not standardized, and AI can help to quickly convert documents into data.

The use of AI is transforming the insurance industry in several ways. For instance, hospitals now have portals where all necessary documents can be uploaded, eliminating the need for physical paperwork. This has reduced the time taken for discharge and settlement by half or more, according to Nikhil Jha, founder of Hercules Insurance Advisors. The process of preparing investigation reports, discharge summaries, and medical bills is also being automated, making it faster and more efficient.

Insurance companies are using AI from the onset, starting from the moment they reach out to prospective clients. AI is used to calculate the risk propensity of customers, taking into account their financial and medical history. This helps insurance companies to identify potential risks and tailor their products accordingly. As Manu Lavanya, Chief Operations Officer at Axis Max Life Insurance, explained, AI is used to analyze customer data and provide a view of their propensity to pay up or continue their policy in the future. By leveraging AI, insurance companies can provide faster and more efficient services to their customers, making the overall experience more seamless and convenient.