Softlogic Life settles its first claim through AI

In a landmark move, Health Insurer Softlogic Life settled its first claim through Artificial Intelligence (AI), signaling a huge move towards embracing the latest technology that will power the company’s processing ability, enabling substantial improvements in operational efficiency and customer convenience. 
The AI-developed claim process involved the submission of a scanned document that was processed through several different parameters that are usually manually scrutinized and checked, relevant verifications and authorizations obtained, without any human intervention, with payment instructions relayed via CEFT for instant credit to 
the customer.
Since the onset of Covid, Softlogic Life has consistently set significant claim settlement benchmarks by introducing a frictionless service experience across the board through apps, integrations and digital ecosystems. Softlogic Life disrupted the industry by launching the Instaclaim app. 
This claims management application enabled corporate employees to file, process and claim claims within 48 hours, which is still the fastest in the industry. This eliminated extra intervention by human resources departments especially during COVID when company work models had to shift entirely to a work-from-home setting.
Building on this success and driving further value to customers through modern technology, Softlogic Life has now introduced an advanced AI and machine learning-based process, fondly referred to as ‘Lifey’ to evaluate and process claims in around 2 minutes. 

‘Lifey’ helps manage claim assessment, allowing expert claim scrutinizers to focus only on complex cases. This ensures that all claims are processed with maximum efficiency and accuracy. Furthermore, using AI and machine learning speeds up the claim settlement process significantly and enhances the precision and reliability of the evaluations, providing customers with a seamless and hassle-free experience to finally receive their claim value to their own bank account as a result of integrating the CEFTS - Common Electronic Fund Transfer Switch, 
payment facility.
Softlogic Life Managing Director Iftikar Ahamed commented on this achievement. “We are delighted to move into the AI world with this small step that promises phenomenal gains in the future. 
At Softlogic Life, we have always believed in being ahead of the curve, and we feel that AI is likely to bring about massive changes in how we do business. By revolutionizing the way claims are processed, we are not just enhancing our service to the 1.3 million lives we protect, but we are also opening up opportunities towards a future where advanced technology transforms every aspect of life insurance from purchasing a policy, underwriting, servicing and claims. 
This significant milestone reaffirms our dedication to being at the forefront of industry advancements and delivering unparalleled value to our policyholders 
through technology.”