Qover Launches AI-Powered Embedded Insurance Solution to Enhance User Experience

Qover, a leading insurtech company driven by a vision of creating a global safety net through insurance, announces the launch of its AI-enabled solution designed to streamline the claims experience. With the potential of claim settlement within minutes of approval, Qover is set to redefine the user experience and operational efficiency in the insurance industry.

Addressing a significant pain point around the claims journey and speed of settlement, which is the primary source of discontent among dissatisfied claimants, the modular platform expedites the complete end-to-end claim process for users.

“Our new claims experience will be transformative for our customers and partners,” commented Ed Ackerman, Chief Customer Officer at Qover. “By leveraging AI and automation at key stages of the end-to-end claims process, we’re not only speeding up a typically cumbersome process but also making it more intuitive – even stress-free – for our policyholders. Imagine submitting your claim in a couple of clicks and getting paid within an hour of claim approval.”

The solution, which is continuously overseen by human agents, offers a host of benefits designed to be easily integrated into any brand or risk carrier’s existing systems, making it a versatile and valuable orchestration tool for improving insurance experiences at scale.Traditional insurance experiences often leave customers frustrated with cumbersome claim processes:

• Submitting a claim can be complex, leaving people unsure of where to start and what information is needed. Qover solves this by offering AI-powered customer care tools, such as GenAI chatbots. These provide instant answers to inquiries and self-service options. Human agents remain available to provide personalised assistance whenever needed.
• The manual review of documents and data points in claims analysis slows down decisions. This is addressed by employing AI-powered processing of claim information. Advanced data extraction using GenAI and OCR technology feeds information directly into the claims engine, ensuring that all relevant information is readily available and pre-filled for users.
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• Policyholders often feel left in the dark during claim analysis. By providing instant, tailored notifications and updates on claim status, Qover keeps customers informed throughout the entire process.
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• Industry standard wait times for claim reimbursements can cause financial strain, especially for larger claims. Qover addresses this by automating the process of claims reimbursement as soon as they are approved. As a result, claimants receive their payouts much faster, often within hours of approval.

“AI integration will play a crucial role in achieving our ambitious goals of transforming how we handle received claims,” said Quentin Colmant, CEO and Co-founder at Qover. “We are determined to set a new, higher standard in the industry, harnessing AI for its transformative impact and value it creates for our partners and their customers. With human oversight and control, our priority is to ensure that every request is treated fairly, ethically and securely.”

Qover’s AI initiatives are closely monitored with the principles of the EU AI Act, such as data protection, transparency and fairness. The platform also complies with ISO27001 standards – a certification that Qover achieved last year – ensuring robustness, safety, security and accountability, with human oversight and control.