To highlight the latest advancements in insurance tech for claim processing, we asked industry experts for their insights. From implementing blockchain technology to using AI for property-damage claims, here are four specific innovations shared by insurance agents and operations directors that have significantly improved the process.
- Implement Blockchain Technology
- Accept Digital Signatures
- Introduce AI-Powered Claim Automation
- Use AI for Property-Damage Claims
Implement Blockchain Technology
One innovation in insurance tech is the implementation of blockchain technology. Blockchain ensures secure and transparent transactions, reducing the risk of errors. Additionally, it minimizes fraud and speeds up verification processes.
Insurance Agent, Texas General Insurance
Accept Digital Signatures
It might sound basic, but when insurance carriers accept digital signatures from clients, it can greatly expedite the claims process. The insurance industry tends to be pretty conservative when it comes to technology, and requiring mailed or faxed communication remains common even though it slows down communications.
Operations Director, Long Term Care Brokers
Introduce AI-Powered Claim Automation
The introduction of AI-powered claim automation is one piece of insurance technology that has improved claims processing. This technology works to streamline the way we process claims by automating tasks like inputting the policy and claim data, checking and confirming the accuracy of that data, notifying policyholders of their claim status, and more.
When tedious tasks like these are offloaded from personnel and instead handled by technology, people can dedicate their time to more involved tasks. While it is still important to dedicate some manpower to checking the work of the AI, it is much more efficient to have people working in combination with these technology innovations.
Cso, Rate Retriever
Use AI for Property-Damage Claims
As an adjuster who represents the insured, I can tell you that we are still a ways away from perfecting automated claims handling, particularly for property-damage claims. However, because AI is a learning system which is constantly improving, it may not be too long until they get it right.
Recently, an insurer that I regularly see down here in South Florida started using a system that requires the homeowner to submit photos of the damages with a few “overview photos” of the areas in the property. These photos, plus perhaps the description submitted by the homeowner, are processed using AI to calculate an estimate of damages and try to figure out the value of the loss, so a payment can be made.
Although currently these particular claims processes that use AI are not so accurate, I can see how this can speed things up in terms of the job flow for insurers and even save them money. This type of image technology actually already exists, so all the insurer would have to do is have the homeowner install special camera software into his phone and take the correct pictures. Once the homeowner is able to take photos which will give the insurer accurate sketches and measurements, including the ability to determine what is damaged and what isn’t, AI will eliminate the need for field inspectors and many desk examiners, and get a check in the hands of homeowners very fast.
Public Adjuster, Florida Allstar Public Adjusting, Inc.
