The last decade of insurance ushered in an age of data and technology, especially within claims. As we embark on a new decade, the question arises of how the insurance claims process will further evolve continuing the advances of the last decade.Technology
Lets review five data and technology advancements beginning over the last decade that I believe will sharply accelerate in our new decade and dramatically change the claims process for the future.
Integrated Real-time Data: When a customer reports a P&C claim, many have the opportunity to have a customer friendly conversation with their insurer who is using real time data to simplify the claim report call.
Insurers are quickly moving to integrated real time data at key customer touch points in order to automate much of the information collected for the insured and third-party claimant via real time data feeds that populate systems in less than two seconds with accurate data to expedite claims processing.
The power of integrating real time data does not stop at the claim report. The most data sophisticated Insurers are also leveraging integrated real time data to expedite claims triage by flagging potential fraud or vehicles with prior claims to quickly process low risk claims. This is in addition to bringing police record data elements directly into their claims system to automate liability decisions.