The Insurer of the Future – Part 3 – Claims Handling

Publish date:

Read how AI and IoT will have an impact on the ‘Claims Process’ in insurance

William Gibson, the author, once said, “The future is already here – it’s just not very evenly distributed.” So what is ‘already here’ in relation to Claims handling?

Two data points:

The Insurer of the Future will handle almost all of its Claims automatically, without human intervention. It will:

  • Detect Claims, using sensors on the Internet of Things (IoT) and data feeds from, for example, death registries
  • Analyze those Claims, drawing on multiple internal and external data sources, and applying Artificial Intelligence (AI) to establish what needs to be done
  • Assess appropriate reserve values, and input them to the insurer’s financial systems
  • Trigger external supply chains, such as clean-up and restoration services, bodyshops, and online retailers, to return the policyholder to their pre-loss state
  • Instruct loss adjusters where necessary, ingest their subsequent reports, and act on their findings
  • Make payments directly into policyholders’ bank accounts where appropriate
  • Trigger, and follow up, recoveries and reinsurance claims as needed

In the early days, this will happen for simpler Claims only. But in due course, as the abilities of Cognitive / AI systems surpass those of humans, Claims personnel will no longer be required by the Insurer of the Future.

Please see Part 4 – Blockchain for further predictions.

Related Posts

Artificial Intelligence

Capgemini and Databricks partnership – multi-cloud Spark delivery at scale

Goutham Belliappa
July 13, 2018
Capgemini & Databricks – Multi Cloud Spark Delivery at scale. Meet our leaders Scott D Sweet, Goutham Belliappa, Steve Jones, Mansoor Aleem, Anne Laure Thieullent, Lee Brown at Microsoft Inspire 7/16 – 7/18 in Las Vegas
Artificial Intelligence

Artificial Intelligence Readiness and -Performance Benchmark

Dinand Tinholt
July 10, 2018
Are countries across the world ready to reap the benefits of Artificial Intelligence (AI) and how are they currently performing? Capgemini’s AI benchmark shows the current state of play.
AI

Why you shouldn’t ask Alexa to be your friend

Henk Vermeulen
July 6, 2018
It is critical to distinguish and separate any digital agent into two logical parts: the highly anthropomorphized user interface, and the digital logic driving the interaction.
cookies.

By continuing to navigate on this website, you accept the use of cookies.

For more information and to change the setting of cookies on your computer, please read our Privacy Policy.

Close

Close cookie information