Moscow, October 25, 2018
Russia's largest insurance company Sogaz and Mains Lab, an insurtech company, have implemented an artificial intelligence-powered program that will analyze 100% of all the medical bills sent to the insurer by clinics. The program is capable of detecting charges that are suspicious and normally wouldn't be provided, instances of overcharging, treatment that isn't covered by the insurance programs and cases of when not enough medical assistance was provided to patients. This will help Sogaz's experts spend less time analyzing the information and significantly increase their effectiveness by flagging issues that need their attention. It is expected that the new technology will help the company provide better medical treatment to its clients and at the same time save more than $7.5 million over the next two years.
Machine learning will strengthen Sogaz's leading position as a major provider of voluntary medical insurance by automating key business processes. The company later plans to use artificial intelligence in such areas as developing predictive models in underwriting, targeting customers more effectively, processing tender documentations, bills, price rates and implementing chatbots to unload call centers and provide better customer service.
"The ability to work with vast amounts of data in the financial sector is becoming an important corporate asset," noted Tatyana Tamgina, Sogaz's Chief Medical Claims Officer. "By implementing machine learning technologies we plan to make a significant leap forward in automating our business process, tackling costs, increasing our predictive models and making our products easier to use for clients."
Sergey Khudyakov, CEO of Mains Lab's parent company Mains Group, said: "When it comes to the insurance industry, machine learning can help provide better prices and tailored products for clients. It also takes things to the next level by providing modern and effective process organization and has an incredible amount of potential that is capable of drastically improving many areas."