New AI-powered insurtech promises to cut insurer's claims cost by almost half

Insurtech start-up Pact Global has launched an artificially intelligent (AI) claims as a service (CaaS) platform designed to help general insurers reduce their fraud exposure and accelerate their claims processes.

The platform claims to reduce the overall cost of handling a claim by up to 66 percent.

Pact's offerings currently focuses on travel, motor and property insurance. It uses AI, behavioural analytics, assisted intelligence and a purpose-built, face and voice recognition programme, and more than 50 separate data points during the claim validation process.

Mark Seddon, founder and CEO of Pact, said: “Our platform is better for the customer, as it makes the claims process much faster and easier, and also much better for the insurer, as it automates the whole process and minimises the time spent on claims management, a significant cost to the business.”

Seddon added that what currently takes days or weeks to complete, can now be managed in minutes: “the platform is so intelligent that it can detect whether any images or videos, invoices, warranties and receipts uploaded have been used anywhere else in the world - and it’s all done within a matter of minutes.”

“It is designed to significantly reduce the time and cost of handling claims for insurers, delivering real savings to the bottom line. It’s win-win for company and customer.”