The Future of Claims: Emerging Trends and Technologies Shaping the Industry
It may sometimes seem as if the insurance industry maintains a holding pattern in its business processes. But, the 21st century has brought many transformational technologies to the forefront of the industry, especially the claims process. Although insurance decision-making continues to center around analyzing past risk patterns to identify current exposure, five emerging technologies will help insurance better serve policyholders. Exploring these transformational technologies and trends can help your company better integrate them.
Using Big Data, Machine Learning, and Artificial Intelligence in Risk Modeling
Marketing and sports have garnered the headlines using the tech tools of Big Data, machine learning, and artificial intelligence (AI) to study past situations and predict future possibilities, but the insurance industry can implement them all in underwriting, including its risk models. Applying these immense data sets in combination with satellite imagery in GIS programs enables the industry to evaluate risk at a more granular level, avoiding the methodology of applying a "wide swath" in risk-prone areas. Better data, improved analysis, and more finely tuned analysis applications result in better customer service.
Cloud Technology to Fast Track Common Claims
Today's cloud technologies and the ability to work remotely enable insurance carriers to "fast track" smaller, more routine claims. The sink that springs a leak could use a virtual adjuster visit, which saves staff from needing to travel to those locations. Remotely handling small claims frees insurance adjusters to focus on more complex losses. By reducing travel requirements, the industry can meet customers' advocacy and empathy needs.
Applying AI to Claims Routing
AI does more than entertain and chat. Applied correctly, it can help insurance carriers route and triage claims. Combined with remote work apps and video conferencing tech, such as Zoom, it can help document claims and serve as a conduit for policyholders and adjusters to complete coverage evaluations.
Enhancing Virtual Inspections
The managed repair program industry already uses virtual inspections, but further implementation of emerging technologies can improve and extend the usefulness of this
service. Insurance carriers can implement similar business processes using the same technologies for adjusters. Upgrades to existing technology on the horizon will improve virtual measuring and damage assessment.
Using Technology to Ensure Consistency
Today's technologies ensure consistency in measurement, documentation, and application of guidelines or requirements. Cloud apps can be coded to automatically advance to a new screen and prompt further information or documentation to eradicate mistakes when a measurement falls within specific parameters. These cloud apps can integrate both insurance carrier guidelines and regulatory mandates. These failsafe's improve the claims handling process and can speed repairs to policyholders' homes.
Leading the Way in Technology Implementation
In many cases, managed repair programs (MRPs), such as Accuserve, take the technology lead. Their position in the industry as a mediating force between the policyholders, insurance carriers, and repair contractors offers them a unique opportunity to test the efficacy of new technologies. Integrating these emerging software and hardware options lets the MRPs lead the way into the future and handle the innovative use cases, which leaves the insurance carriers with a safe path to integrate the same technologies after they've been tested and proven themselves.
The array of computer science options in the 21st century can vault the insurance industry forward. AI, Big Data, machine learning, custom cloud apps, mobile apps, and cloud storage combined with smartphones, tablets, and convertible laptops place significant computing power into the hands of inspectors, adjusters, and contractors in the field. Implementing these wide-ranging technologies can speed the time from filing a claim to processing it, meaning that homeowners can more quickly repair damage to their homes and restore the safety of their domiciles following any peril.
Accuserve: Implementing Tomorrow's Technology Today
As we exit 2023 and enter 2024, a quick study of the emerging technology trends offers a peek into where the insurance industry continues to move. Accuserve has already implemented many of these technologies in an effort to transform the claims process to one that avoids the adversarial and focuses on the helpful. Ultimately, everyone in the insurance industry serves policyholders, and arguably, no area of the industry proves more vital to policyholders than home insurance.
If you don't already partner with a managed repair program, consider doing so to speed up repairs, create unity in a once adversarial process, and reap the benefits of cutting-edge technology before your company implements it. Get in touch with an Accuserve expert today to discover how an MRP can help you streamline the insurance claims and repairs process, providing you and your customers with cutting-edge technology to improve the insurance claim process. The coming years offer many technological opportunities for the insurance industry, and your company can benefit from them now by partnering with Accuserve.
