Majesco has announced a significant enhancement in its claims processing speed, reducing the average time it takes to handle a single claim from an hour to just four minutes. This transformation is largely attributed to the integration of artificial intelligence (AI) into their operations.
In the past, insurance claims processing relied heavily on human intervention. Teams of professionals would sift through paperwork and make decisions based on guidelines and experience. Now, Majesco's AI systems are handling these tasks with remarkable efficiency, allowing decisions that once took teams considerable time to be made almost instantly.
The AI agent operates with a precision that mimics the decision-making processes of experienced claims adjusters. It sifts through data, assesses claims, and generates outcomes quickly, minimizing the time customers need to wait for their claims to be resolved.
This development is likely to benefit both insurance providers and policyholders. Insurers can expect to see increased productivity, leading to potential cost savings and improved customer satisfaction due to quicker claim resolutions. For policyholders, the faster claims process means less downtime after incidents, allowing for quicker recovery or compensation.
While the shift to AI in claims processing is promising, it raises questions about the role of human adjusters and how the industry will adapt to this change. Majesco's advancement indicates a potential trend towards more widespread tech adoption in insurance.
Overall, this move reflects how technology is reshaping the insurance landscape, making processes more efficient and potentially transforming customer experiences.
Original Source: https://fintech.global/2025/10/27/how-majesco-cuts-insurance-claims-from-an-hour-to-four-minutes/