Income Becomes the 1st Insurer in Singapore to use IBM Watson in Claims

Income is the first insurer in Singapore to embed IBM’s cognitive technology to automate its pre- and post-hospitalization claims process .

Let’s back up. On average, Income processes some 14K hospitalization claims a month. Manually. Then IBM Watson Explorer came along. It can read and analyze structured and unstructured data, such as medical certificates and bills. The length of hospital stays, medical histories, surgical procedures, and other contributing factors are then taken into consideration by the system before it makes claims recommendations and calculates the pay-outs to policyholders. “With IBM Watson Explorer cognitive capabilities, we are automating time-consuming manual data entry and claims matching which are currently operational pain points for processing paper claims. This leaves our skilled claims assessors to leverage their experience and judgement, particularly when assessing complex claims” – Income’s General Manager for Life & Health Insurance, Andrew Yeo.

Let’s back up some more. Last year, Income introduced two car insurance schemes – Drive Master and FlexiMileage – that leverage telematics to offer a personalized insurance product aligned to one’s driving behavior.

Bottom Line: Income made different. Really. Just Look.