Embedded insurance specialist EIP has launched an AI-powered tool – Virtual TPAi – which it says automates the entire claims process. EIP says the AI agent sits in the place of a call centre operative and handles customers’ questions about their policy as well as being able to accept and action claims.

According to EIP, the virtual agent can handle up to 20 concurrent conversations and, operating non-stop, provides the capacity of approximately 90 human agents.

Once the virtual agent has gathered the required information, it then submits it to EIP’s rules engine, which generates an automated decision. Either the claim is approved or referred to a human for review

Ross Sinclair, CEO of EIP, said: “After almost a year in development, we are delighted to be launching our Virtual TPAi to support insurers and retailers to leverage the efficiencies that AI has to offer in a compliant way. The AI automation frees up human agents’ time so that they can focus on the more complex claims that require their attention.

He added: “The growth potential is huge here because we’ve done the hard work of making sure it works in a regulated environment.”