The challenges faced by Australian super funds like Cbus and AustralianSuper highlight the need for more efficient, less human-intensive processes. Novigi has identified that the manual handling of claims continues to heavily rely on human labour.
"Trustees must navigate a web of legal, procedural, and interpersonal challenges, balancing regulatory compliance with sensitive family dynamics," explained Kevin Fernandez and Sophie Coianiz in their recent analysis at Novigi.
Concerns may arise regarding the use of AI in emotionally charged scenarios, such as processing claims during bereavement. However, Novigi suggests that AI should complement, not replace, human interaction, acting as a knowledgeable partner to the claims team.
Fernandez and Coianiz propose that AI could function as a virtual assistant through platforms like Slack and Microsoft Teams, with capabilities including:
- Extracting vital information from documents, including death certificates, insurance forms, relationship evidence, medical history, and probate.
- Helping draft emails and other communications for those making claims.
- Suggesting how to allocate death benefits considering the same factors a human advisor would use, supplemented by data from past cases.
- Guiding employees on remaining tasks to ensure compliance is maintained.
- Assisting in thorough record-keeping to uphold a robust audit trail.
Successfully implementing an AI coworker could enhance productivity and standardisation among claims staff, enabling quick onboarding of new employees and responsive scaling during peak periods.
While AI's potential is significant, its benefits depend on meticulous deployment and human oversight. By synergising automation with human expertise, superannuation funds can efficiently navigate regulatory pressures while also improving outcomes for beneficiaries coping with loss.
The observations from Novigi underscore the burgeoning role of AI in the financial services industry to fulfil legal, procedural, and emotional duties effectively. As mentioned in insights from Novigi, the key lies in integrating these technological advancements while retaining the essential human touch.
