Claims and technology are joining forces to change the function as we know it. For many years, the industry relied on paper-based, time-consuming systems for managing claims.
“Hi, Karlyn. Its your sister. Weve been evacuated. Theres a big fire up in Paradise that might head down our way. Just wanted to let you know were heading to our daughters house. We only had 15 minutes to grab stuff, but it probably is just a precautionary alarm. Call when you get a chance.”
The future is now, as insurers warm up to the idea of using a robot to interview job applicants. San Francisco tech firm Entelo ran a survey late last year, which found that 62% of business leaders said they plan to invest in artificially intelligent technology to both analyze human behavior and identify top talent.
The bad news is insurance premiums are likely to go up if, as predicted, the frequency and intensity of hurricanes and wildfires increases as a result of climate change.
Yet another hurricane season has left a broad swath of Americas coast in recovery mode following a once-in-a-generation storm, and wildfires are devastating California. The disasters remind the rest of us how fortunate we are to be safe.
Floridas second-largest home insurer, Security First Insurance faced more than 3,000 claims in the aftermath of Hurricane Michael earlier this year. It was the perfect time to deploy a new tool to help manage the load: A new chatbot servicing affected policyholders.
Nationwide insurance will lay off about 80 workers at its downtown Des Moines location as it reduces its national workforce by about 1,100 positions. Nationwide spokesman Joe Case said workers were told Tuesday that they would receive an official 60-day notice in January effectively giving them about four months of notice before the layoffs become effective in March.
At InsureTech Connect, there were a lot of innovative approaches and capabilities on display. But the term “bubble” could be heard on many attendees lips, especially those whod watched the event double in size each year.
Out of the catalogue of technologies that have the potential to affect the insurance industry, one expert says that artificial intelligence is on track to have the most significant impact in the coming year. In fact, insurers investments in AI are increasing on a year-over-year basis, and this trend is set to continue into 2019.
As billion-dollar hurricanes pummel the coasts, insurance carriers are facing a category 5 operations challenge: a snowballing claims-intake challenge. When hurricane season began this year, carriers were still sorting out claims from 2017s mega-storms, Harvey, Irma and Maria. Then Florence and Michael hit, adding to the backlog.
J.D. Powers latest version of its Auto Claims Satisfaction Study has crowned a new top auto insurer, in terms of customer satisfaction ratings: Erie Insurance.
How do you increase quality in claims assessment, management and administration? We share insights into an end-to-end, AI-powered, claims-automation approach to increase quality, improve processing efficiency and reduce cost.
It seems that with every advancement in technology a new threat vector is born. This theory holds true as we begin to embrace the world of cryptocurrency.