Waterdrop Insurance releases 2021 semi-annual report on claims settlement services, and the fastest claim settlement time is only 8 seconds
On July 13, Waterdrop Insurance released a semi-annual report on claims settlement services for 2021. Since 2020, Waterdrop Insurance has aimed to provide users with a "faster and more reliable" claim settlement experience, and has continued to increase investment in the claim settlement process to create a claim settlement model with technology-supported services. The report shows that the online claim settlement rate of the platform reached 100%, and the amount of physical documents exempted from this amounted to 1.35 million. The average claim settlement time limit was shortened to 15.7 hours, an 18.2% increase over last year, and the fastest claim settlement time limit was only 8 seconds.
In order to solve the pain points of difficult and slow claims settlement for users, Waterdrop has built and applied an intelligent claims settlement system on a large scale to bring users a brand-new claims settlement experience through the entire process of intelligent operations. At present, the system has covered more than 50% of daily claims settlement cases, with an accuracy rate of 99.7%, and an auxiliary efficiency improvement of 55.9%.
From the time users submit claim application online, the intelligent claims system would use OCR+NLP technology to quickly identify data and information, and achieve rapid determination through big data cross-validation. Users only need to follow the prompts to upload or supplement information, which greatly simplifies the difficulty of operation and shortens the waiting time for claims.
At present, the average time limit of Waterdrop claims is only 15.7 hours, and on average, in every two minutes there is one user completing claim settlement with the help of Waterdrop Butler. Waterdrop Insurance has launched the "24-hour quick claim service" from December 2020. Simple small claims cases with complete claim information can be closed within 24 hours, with a quick settlement rate of 98.6%.
The CONF medical knowledge map built by Waterdrop can better understand user needs. Meanwhile, AI algorithms can help Waterdrop Insurance to achieve the overall improvement of the insurance value chain such as insurance product innovation, operating efficiency, precision marketing, fine operation, risk control, intelligent claims, and service quality.
Source: Waterdrop Inc.
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