How Claims Process Must Drive Change
The arguments surrounding the need for change in the insurance industry have largely been won. In recent years, dramatically increasing regulations, competition and customer expectations, along with dwindling resources and shortages of technical skills, have combined to produce an environment of uncertainty.
February 21, 2019
Risk Management
Technology
The 5 Top Trends In AI And RPA
Insurance companies are only beginning to harness the potential of artificial intelligence (AI) and robotic process automation (RPA). AI refers to computer systems that can mimic human capabilities by learning and solving problems. RPA is an emerging form of business process automation technology based on using software robots or AI “workers.”
February 20, 2019
Risk Management
Technology
Getting Technological: Like Other Business Processes, Fraud Investigation Tactics Must Evolve With Technology
There was a day when we used typewriters to type documents, stored our records in filing cabinets, and took photos with our 35mm cameras. Those processes evolved as technology advanced at an exponential rate. Insurance companies—which had previously been slow to adopt new methods—had to adapt quickly to remain competitive.
February 19, 2019
Fraud
Technology
‘Micro Engagements’ Key To Claims Process
Many insurance companies suffer from slow and inefficient claims processes, which are notoriously lengthy and cumbersome for both the insurance companies and their customers. From long and difficult back and forth to messy, complicated paperwork, claim cycles can be a real pain for all involved.
February 14, 2019
Risk Management
Technology
May The “Force” Be With You: How Lidar Can Be A Powerful Tool For Insurance Claims
Light detection and ranging (lidar) is a high-resolution mapping tool currently used in self driving cars as well as for structure losses, tree/power line management, urban planning, engineering design, mapping planets, and in court litigation.
February 14, 2019
Litigation
Technology
Reducing Human Error: The Promise Of Blockchain
Fraudulent claims continue to plague the global insurance market, but proponents of blockchain technology insist that a solution may soon be at hand. When implementation of these decentralized digital ledgers becomes widespread, some believe fraud could be reduced significantly.
February 12, 2019
Risk Management
Technology
Managing A New Era Of Repairs: Restoration Trends To Watch In 2019
Historically, the insurance claims process for property damage starts with a claims professional assessing damage on-site and ends by giving a homeowner a check for fixing the damage. This old model places the responsibility on the property owner to research and vet qualified contractors to start the restoration process, a particularly heavy burden to bear in moments of crisis.
February 8, 2019
Catastrophe
Education & Training
Property
Risk Management
Technology
Automation, Big Data Will Drive 2019 Insurance Trends
Facing competitive pressure from start-ups and tech giants, traditional insurers are being forced to embrace innovation and change at a rapid pace. Today’s tech-savvy customers expect a seamless and integrated digital experience from their insurers.
February 8, 2019
Legislation & Regulation
Risk Management
Technology
Aon Partners With Insurtech Firm On Claims Automation
Aon PLC and Australian insurtech firm Claim Central Consolidated Pty. Ltd. have established a strategic alliance to automate insurance and reinsurance claims handling, Aon said in a statement Tuesday.
February 6, 2019
Risk Management
Technology
Florida
5 Market Forces Impacting Insurance Digital Strategy
The insurance industry, like so many others, is in a state of upheaval that will continue to play out in 2019. The disruptive forces at work in the industry have come into sharper focus over the past 12 months, and industry players across the board are now in motion as they race to adapt.
February 4, 2019
Legislation & Regulation
Risk Management
Technology
The Changing Risk And Liability Landscape For IT Security And Data Risks
Cyberrisks are fast-evolving, posing an ever-changing threat to businesses. According to the annual Allianz Risk Barometer, which surveys more than 1,900 risk experts, cyberrisks have gone from 15th five years ago to now ranking as the second most important peril globally.
January 28, 2019
Excess & Surplus Lines
Liability
Risk Management
Technology
Rapid Evolution Of Autonomous Vehicles
The 2008 animated Pixar movie “Wall-E” follows the refuse-based adventures of a sentient, autonomous trash compactor whose primary function was to clean an abandoned city on a now-deserted planet Earth, long ago having been abandoned by humanity.
January 24, 2019
Auto
Technology
Googly-Eyed Robot Risk Manager To Look For Spills In Grocery Store
First, they came to replace the supermarket checkout person. Now they’ve come for the risk managers. Technology and automation, that is.
January 23, 2019
Liability
Technology
Pennsylvania
The Rapid Spread Of Smart Cities Exchanges Old Risks For New Ones
Smart cities are entering a new phase, as not only are city leaders readily installing digital solutions to improve efficiencies, such as cutting down the minutes spent on a daily commute, but residents are now able to use their smartphones as the keys to the city that unlock further capabilities by injecting additional data into the ‘smart’ ecosystem, according to a 2018 report from the McKinsey Global Institute.
January 22, 2019
Excess & Surplus Lines
Liability
Risk Management
Technology
Adjuster Self Optimization vs. AI-Driven Optimization
Delivering exceptional customer experience requires near-real-time service when a customer has a new claim. In a market that has the highest customer acquisition costs, it’s paramount for property and casualty insurers to keep the customers they have by making their experience as positive as possible.
January 17, 2019
Risk Management
Technology
