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AI saves Old Mutual Insurance Sh400m in fraud and costs
Kenyan insurers have been automating their process to appeal to customers, especially the younger generations that are seeking fully-digital and personalised insurance products.
Old Mutual General Insurance says its investment in artificial intelligence (AI) helped save about Sh400 million last year by streamlining routine tasks and flagging fictitious claims, pointing to the increasing adoption of automation in the industry.
The insurer explained that using AI has allowed it to cut paperwork in the claims management process, lowering operational costs and improving fraud detection by analysing patterns in the usually data-heavy claim forms.
