The insurance industry is full of metaphorical dinosaurs. Despite overseeing a whopping $3 trillion in claims payments per year, it overwhelmingly relies upon outmoded payment methods like checks, which are slow, lack transparency, vulnerable to fraud, and therefore prove ten times more expensive for insurers to manage than digitized payments.

As insurers let enabling technologies such as artificial intelligence handle an increasing share of claims, companies should enhance the capabilities and broaden the roles of claims professionals to reap the benefits of advanced tools while maintaining personal engagement at moments that matter.

What does it mean for economies, governments and communities when ‘once in a lifetime’ weather events begin to occur on an annual basis? We are witnessing an entirely new scale of natural disasters across the world.

Participating in ITC2021 was a blast! It was great to see so many people in person for the first time in a couple of years. But aside from the joy everyone was experiencing in just being together, there was a serious undercurrent to the event

Insurers must regain competitive ground in the digital race for the customer, and all roads that make sense … lead to cloud adoption.

Consumers are looking for a hybrid claims processing model — an intermixing of virtual and self-service with human adjuster interaction, according to the Future of Claims 2021 Report from LexisNexis Risk Solutions.

Insurance has always been a people business — the industry is built on relationships and helping people through times of need.

When it comes to thinking about how to secure data assets, deploy analytics and deliver intelligent automation, the question of ‘why are we doing this?’ is well worth thinking through carefully.

If you’ve been paying attention to the technology landscape, you’ve heard of blockchain. The inherent capabilities of this distributed ledger technology are vast, in its ability to efficiently, transparently and securely transmit information.

Artificial intelligence will bring enormous benefits to society and the economy by amplifying our own intelligence and creativity as well as giving us a critical tool for overcoming the challenges that lie ahead. However, AI has a dark side.

Blockchain is a technological breakthrough that will change the health insurance industry. It will allow communication avenues to be more transparent between insurance carriers, medical facilities, and consumers.

What does the future hold for the insurance claims handler?

Fraud costs insurance companies around $40 billion per year, according to the FBI. Just as today’s fraudsters are using the latest technology to carry out their scams, so too should insurance companies turn to tech solutions to battle and even prevent fraud.

Videos and voice recordings manipulated with previously unheard-of sophistication – known as ‘deepfakes‘ – have proliferated and pose a growing threat to individuals, businesses, and national security, as Triple-I warned back in 2018.

Insurance companies have invested heavily in digital transformation of the claims process, adding a number of self-service features for first notice of loss, the adjustment process, and payment.