Saving $1.3 Billion A Year On Claims Administration

Artificial intelligence will become a “big time saver” for claims adjusters and will eventually allow the industry to save billions a year in costs, one researcher says. For auto claims, insurers are already using AI to make recommendations on whether damaged vehicles should be repaired or scrapped, said Nick Maynard, a senior analyst for Juniper Research Ltd., in an interview. “At the moment, a lot of these applications won’t be fully autonomous,” he said. “They will make a recommendation, and this will be analyzed by a trained appraiser or somebody at that insurer.”