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Three Technology Trends Transforming Insurance Claims Management

Pamela Morgan, Insurance CIO Outlook | Tuesday, April 06, 2021

The management of claims has become a particular focus area, with insurers planning to use chatbot technology to simplify the initial reporting process, making a customized, user-friendly service available 24/7.

Fremont, CA: The way insurers communicate with their clients, including their claims processing process, is all revolutionized by IoT, mobile, and AI. The smartest players, though, are allowing customer demand to influence the way this happens. Here are three ways technology is transforming insurance claims management:

AI Fraud Detection

AI-powered technology is now used by the likes of FRISS to determine the risks associated with a claim in order to obtain a more precise calculation. Insurance fraud may also be identified by this form of technology before premiums are paid, which decreases the loss ratio and limits false positives. Combined, these features improve the experience of customers and allow easy claims to be monitored.

Drone Technology

Drones with high-resolution digital cameras are durable and affordable now. As a result, insurers are implementing them, particularly in the US, to transform the management of claims and to offer their customers a better experience when they need help most.

It is possible to inspect large, unsafe, or inaccessible areas, such as storm-damaged farmland, destroyed buildings, and polluted zones, more quickly and without any risk to life. For the sector, tremendous efficiencies have occurred, with one company able to scout three times as many impaired farm acres by drone as an adjuster would handle at the same time on foot.

Chatbots

Artificial intelligence shows promise to decrease many of the pain points for customers and cost burdens for their insurers at the same time. The management of claims has become a particular focus area, with insurers planning to use chatbot technology to simplify the initial reporting process, making a customized, user-friendly service available 24/7.

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