Loadsure, an insurtech managing general agent (MGA), has partnered with Google Cloud to develop an AI-powered claims verification system that processes claims more efficiently and accurately.
Traditionally, insurance claims processing has been labour-intensive and time-consuming, often requiring manual document verification and data entry, which can cause settlement delays and frustration for policyholders.
By leveraging Google Cloud’s Document AI, Loadsure now automates the extraction of essential data from claims documents, including bills of lading, invoices, and shipping documents.
Justin Murphy, Loadsure’s director of claims, commented, “Loadsure was built to protect businesses and communities — filing a claim is a critical moment for companies, especially for small and medium ones.”
He added, “Our technology must deliver a frictionless claims process with a focus on transparency, promptness and customer satisfaction.”
The new AI-powered system has dramatically reduced claim processing times—from 30–60 minutes per claim to near real-time—enabling Loadsure to settle claims faster and provide policyholders with quicker access to funds, significantly improving their experience.
By automating data extraction and verification, Loadsure has also reduced the risk of human error, enhancing accuracy in claims processing.
This streamlined process has increased customer satisfaction, as policyholders now benefit from a faster, more seamless claims experience, strengthening trust and loyalty toward Loadsure.
Looking ahead, the Loadsure and Google Cloud teams are exploring ways to implement this and other generative AI technologies to enhance insurance processes, including underwriting and pricing.
