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

Decoding trust and Ethics in AI for business outcomes

Anne-Laure Thieullent
Date icon July 19, 2021

From our AI and the Ethical Conundrum report, we know that 70% of customers expect...

Artificial Intelligence

Becoming a Data Master

Eric Reich
Date icon July 1, 2021

How organizations can craft a fast, flexible and scalable data transformation program.

Artificial Intelligence

Successful AI implementation made simple

Date icon June 27, 2021

When implementing AI, you need to walk before you can run. But what does process optimization...