Blog: Technology at the forefront of claims management

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Covid-19 has impacted all areas of life but for the insurance market the fundamental shift to remote working has created new challenges and nowhere has this been more evident than in claims management, blogs Tony Russell chief commercial officer at Charles Taylor Insuretech.

The pandemic presented a unique set of challenges for claims teams and management, particularly for the London and specialty risk markets. One of the major challenges has been the ability to discuss the technical adjusting of large and complex claims face to face with colleagues.  For complex claims there is a historical reliance on in person assessments by adjusters and subject matter experts, which has required adjusters to find ways to analyse perils remotely.

Thankfully, technology has been able to play a significant part in the solutions required by claims management teams. The combination of video conference technology and digital claims management systems with peer review capabilities have greatly alleviated the issue of remote working. 

Prior to the crisis the technology was available, but the challenge had been onboarding and integrating it with business operating models and legacy technology. Collaboration tools like MS Teams, Zoom, Cisco Spark and Google Hangouts, have become part and parcel of the new normal. Advanced analytics and artificial intelligence tools have created the ability to utilise satellite, drone, and other telemetry data to provide detailed assessments.

Technology is enabling the automation of heavily manual tasks in the claims management lifecycle. The ability to use AI and machine learning is reducing the need for teams of people to triage, assess and allocate claims across the business. By automating this process, claims are being segmented accurately, consistently and expediently; and allocated to the right adjuster at the right time every time.

A large proportion of claims can be segmented to a fast-track process for settlement and payment where key criteria is met. This ensures claims get paid quickly and the customer experience is greatly improved. The opportunities are significant - insurers can now refocus on customer centricity and accelerate their digital investments.

As the global economic recession continues, we anticipate a spike in insurance fraud.  The ability to identify fraud, without impacting on the speed of claims payments and customer service, has long been an issue for insurers. We are seeing claims teams now using advanced analytics, AI, and machine learning to better detect anomalies and flag fraud.  This is already delivering benefits for insurers in driving down fraud leakage.

Claims departments are already implementing new systems with which to handle ever greater levels of data and analytics. Lessons from previous claims are being learned, which allow teams to respond better, reduce indemnity liability and better inform underwriting decisions. Technology is being used to better understand the position and status of claims in the face of greater calls from regulators to speed claims settlements and deliver greater transparency in the process. This is enabling policyholders not only to track the progress of a claim but understand the data and reasoning behind the decisions.

Technology is now at the forefront of claims processing in today’s world. It is optimised by using automation where possible, complimented with the personal human touch to provide a compelling, streamlined process. The complexity and bespoke nature of the risks underwritten and claims in the London market require human intervention and discussion. What is becoming more tangible however is the benefit that technology can bring to target the level of human interaction and with it reduce the length of the process.

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