Qover's new AI-driven Embedded Insurance Solution

Qover, a leading insurtech company, has announced the launch of a new AI-enabled platform aimed at streamlining the insurance claims process. This innovative solution can settle claims within minutes of approval, significantly improving the user experience and operational efficiency in the industry.

The new platform addresses a major pain point in the claims journey—namely, the speed of settlement—which has been a primary source of dissatisfaction among claimants. By expediting the entire end-to-end claims process, Qover’s modular platform aims to improve customer satisfaction and streamline operations for insurers.

“Our new claims experience will be transformative for our customers and partners,” says Ed Ackerman, Chief Customer Officer at Qover. “By leveraging AI and automation at key stages of the end-to-end claims process, we’re not only speeding up a typically cumbersome process but also making it more intuitive - even stress-free - for our policyholders. Imagine submitting your claim in a couple of clicks and getting paid within an hour of claim approval.”

The new AI-based solution from Qover, which is continuously overseen by human agents, offers numerous benefits and can be seamlessly integrated into any brand or risk carrier's existing systems. This versatility makes it a valuable orchestration tool for improving insurance experiences on a large scale.

Traditional insurance experiences often leave customers frustrated with cumbersome claim processes: 

• Submitting an insurance claim can often be a complex process, leaving individuals uncertain about where to start and what information is required. Qover addresses this issue by offering AI-powered customer care tools, including GenAI chatbots that provide instant answers to inquiries and self-service options. Human agents remain available for personalised assistance when needed.
• The manual review of documents and data points in claims analysis typically slows down decision-making. Qover tackles this by employing AI-powered processing of claim information. Advanced data extraction using GenAI and OCR technology ensures that all relevant information is directly fed into the claims engine, making it readily available and pre-filled for users.
• Policyholders frequently feel uninformed during the claim analysis process. Qover alleviates this by providing instant, tailored notifications and updates on claim status, keeping customers informed throughout the entire process.
• Industry-standard wait times for claim reimbursements can cause financial strain, particularly for larger claims. Qover improves this by automating the claims reimbursement process as soon as they are approved, allowing claimants to receive their payouts much faster, often within hours of approval.

"AI integration will play a crucial role in achieving our ambitious goals of transforming how we handle received claims," comments Quentin Colmant, CEO and Co-founder at Qover. “We are determined to set a new, higher standard in the industry, harnessing AI for its transformative impact and value it creates for our partners and their customers. With human oversight and control, our priority is to ensure that every request is treated fairly, ethically and securely.” 

Qover's AI initiatives are closely monitored with the principles of the EU AI Act, such as data protection, transparency and fairness. The platform also complies with ISO27001 standards - a certification that Qover achieved last year - ensuring robustness, safety, security and accountability, with human oversight and control.

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