What can you achieve with the reference architecture?
The Google Cloud insurance claims reference architecture provides the following features:
Claims submission
Consume FNOL submission via any channel – forms, paper PDFs, scanned images.
Ingest the documents at scale for any form of claims data submission.
Perform inline data transformation to store data for near and long term.
Claims analysis
Advanced analytics to intelligently accelerate claims processing.
Parse form fields and tables from ingested documents.
Extract text from PDFs and images.
Use AI to classify claims documents, perform claims segmentation and run fraud detection models.
Asses damage in real time in claims scenarios requiring assessment of damage to property or vehicles.
Claims decisions
Make a decision on claims either automatically or significantly faster than today.
Validate claims, perform adverse selection modeling scenarios.
Estimate the cost of repair in damage assessment scenarios.
Predict payments and automatically settle claims in case of STP (straight through processing).
In case of non-STP, provide all necessary intelligence to associates to make a quick decision.
Claims leakage analytics
Analyze and report on claims data to assess and identify potential and actual claims leak.
Create models and visualizations to gain insights into several parameters like average settlement cost trends, number of reserve changes per claim, average time of first contact of claimant, subrogation recovery trends and more such analytics.
Reporting and data leverage
Store and unify content at scale, so it’s available when needed where needed and to whoever needs it.
Archive content for regulatory compliance at a fraction of the cost of primary storage.
Unify select claims insights and share them via APIs with internal teams, such as marketing or sales for more personalized offerings.
Transforming the claims processing workflow can provide multiple benefits, for example:
Faster multi-channel claims submission process and responsiveness can greatly increase customer satisfaction.
Data analytics and AI capabilities can create efficiencies that reduce the costs and increase the speed of claims adjustment.
Effective claims validation and management validation can improve the accuracy of claims’ payments.
Real-time insights can help cross-sell and up-sell insurance products based on policy holders’ needs.
Why transform insurance with Google Cloud
Further to the reference architecture we presented here, Google Cloud is uniquely positioned to transform an insurance business holistically. Here are a few technology enablers from Google Cloud that can aid in such a holistic transformation.
Google BigLake allows you to unify data from claims, underwriting and other insurance functions at scale, so it’s available to all lines of business including marketing and contact center.
Holistic data ecosystem that lets you build a datamesh to leverage data across various business lines like claims, underwriting and marketing with BigQuery for analytics, DataPlex to build a datamesh and Vertex AI for advanced AI and MLOps.
Google Earth Engine, a geospatial processing service, helps perform geospatial processing at scale, powered by BigQuery for property risk exposure assessment and portfolio management. For claims adjusters and underwriters, it provides an interactive platform for geospatial driven analytics.
Public datasets support claims analysts and actuaries for several scenarios including dynamic insurance pricing model using this dataset.