P&C Claims: 4 Themes For The Future

Property and casualty claims is already one of the most dynamic, exciting and important areas of the insurance business. Whether we are considering personal or commercial lines, or the auto, property or casualty/medical areas, there is a lot going on.

In the next decade, claims will transform more than any other area of insurance.

The extraordinary events of 2020 have placed new demands on claims that have accelerated the area’s digital transformation.

Four major themes have emerged: 1) Automating operations, 2) AI for insight, 3) Augmenting human experts and 4) Associating with new ecosystems.

Efficiencies in claims have been an imperative for decades — managing loss adjustment expense (LAE) to reasonable levels will remain important in any era. But now, technologies like robotic process automation and natural language processing for document intake enable us to get to new levels.