NTUC Income (Income) has adopted IBM Watson Explorer to automate and improve its pre- and post-hospitalisation claims process by embedding cognitive technologies.
Income, which currently manually reviews and approves 14,000 hard copies of IncomeShield pre- and post-hospitalisation claims monthly, is using IBM Datacap to manage claims.
IBM said Datacap combines advanced imaging, business rules, natural language processing and machine-learning technologies to automatically classify and extract information in real-time from most types of documents.
Income is using IBM Watson Explorer, a cognitive search and content analysis platform at different stages of the insurance lifecycle, for the processing of data. IBM Watson Explorer can read and analyse structured and unstructured data, such as medical certificates and bills.
“With IBM Watson Explorer cognitive capabilities, we are automating time-consuming manual data entry and claims matching which are currently operational pain points for processing paper claims,” said Andrew Yeo, Income’s General Manager for Life & Health Insurance.
The adoption of cognitive capabilities is making interactions between insurers and their customers both simple and smart. 79 per cent of insurance company leaders believe technology will have a major impact on their organizations, and 71 per cent have begun to use cognitive technologies, according to a recent IBM Institute for Business Value study.
“Insurers are always looking for ways to improve the claims experience without compromising the industry’s high risk-management standards,”said DJ de Villiers, Insurance Industry Director, IBM Asia Pacific.
Meanwhile, IBM announced that Baheal Pharmaceutical Group is extending the reach of Watson for Oncology to clinicians across China.
As the primary channel partner for Watson for Oncology in China, Baheal will serve a key role in accelerating cancer patients’ access to cognitive technology and partner to bring Watson for Genomics and other future Watson Health innovation to China.
