Customer Overview
A leading Auto Insurance Broker operating across Europe encountered major operational hurdles due to manual First Notice of Loss (FNOL) claims processing. With a substantial monthly volume of auto claims, the broker faced rising operational costs, increased processing errors, and difficulties maintaining stringent legal SLA requirements.
Business Challenge
The broker's FNOL claims processing relied heavily on manual intervention, involving extensive data extraction from accident reports, handwritten forms, and policy documents. Key challenges included:
- High Operational Costs: Dependence on outsourced providers increased expenses and complexity.
- Error-Prone Manual Processes: Manual handling of claims led to frequent inaccuracies, inefficiencies, and bottlenecks.
- Inability to Scale: Manual processing constraints prevented the broker from efficiently scaling to meet growing demand.
- Compliance Risks: Slow and inaccurate processing risked violating strict SLA regulations.
Key Objectives
- Significantly reduce operational expenses related to FNOL claims processing.
- Accelerate claim processing to reliably meet SLA timelines.
- Achieve higher precision and accuracy in FNOL data handling.
- Enhance workflow scalability and operational efficiency.
The Noxus Solution
To address these pressing challenges, the broker implemented Noxus Insurance OS, an AI-powered automation solution specifically designed for insurance workflows:
- Automated FNOL Data Extraction: AI Employee accurately extracted and structured data from complex and unstructured claims documents.
- Claim Data Enrichment: Automatically integrated relevant customer and policy data from internal back-office systems, significantly improving claim context and processing accuracy.
- Rapid Deployment: The solution was fully operational within just two months, seamlessly fitting into existing IT infrastructures.
- Secure On-Premises Deployment: Ensured full compliance with stringent data protection and regulatory standards.
Results & Impact
With Noxus Insurance OS, the broker achieved substantial business outcomes within months:
- 75% Automation Rate: Successfully automated three-quarters of FNOL claims processing, significantly reducing manual workload and related costs.
- High Precision (93% Accuracy): Dramatically improved the accuracy of claims data processing, reducing errors and increasing compliance.
- Rapid Implementation: Fully operational within two months, delivering immediate efficiency gains and fast ROI.
Why Noxus?
The Auto Insurance Broker selected Noxus due to its specialized insurance-focused AI solutions, proven rapid deployment capability, and measurable ROI:
- Industry-Specific AI Solutions: Purpose-built AI co-workers optimized for insurance processes, ensuring precision and reliability.
- Rapid Deployment: Deployed within just two months, enabling quick realization of benefits.
- Seamless Integration: Effortless integration into existing infrastructure, ensuring continuity and minimal disruption.
- Robust Security and Compliance: Secure on-premise deployment aligned with stringent industry regulations and data privacy requirements.
Conclusion
Partnering with Noxus significantly transformed the broker’s FNOL claims processing, driving a 75% automation rate and achieving a 93% precision in data handling. By adopting Noxus Insurance OS, the broker not only dramatically reduced costs and processing times but also positioned itself as a leader in insurance innovation, prepared for continued growth and operational excellence.
