Fighting against junk insurance with AI
Insurance
AI Tool
Overview
Claimo, an Australian company specialising in helping consumers reclaim junk insurance sold on loans and credit cards, faced a significant challenge in processing thousands of weekly claims efficiently. To address this, they partnered with Avicenna to implement an AI solution. Avicenna's approach was uniquely test-driven, recognising that achieving specific outputs and outcomes with AI requires rigorous testing.
Outcome
The team conducted hundreds to thousands of iterations, fine-tuning prompts and techniques to ensure the AI system delivered exactly what Claimo needed. This meticulous process involved deeply understanding Claimo's business model, the intricacies of junk insurance refunds, and developing a streamlined workflow that could handle the complexities of each case.
Dramatic Reduction in Processing Time
The time taken to submit claims decreased from several minutes to less than 10 seconds per inquiry.
Increased Capacity
Claimo can now easily action thousands of inquiries each week, a significant increase from their previous capacity.
Revenue Growth
By processing more claims and securing more refunds for Australian consumers, Claimo has seen an increase in revenue, as they operate on a percentage-based model of the refunds secured.
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Written by Nofil Khan
Head of AI
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