Claims

The combination of natural language processing and predictive analytics offers game-changing capabilities with respect to claims management.

In today’s digital-first economy, insurers need to innovate their payout processes to offer their customers speed, convenience and flexibility.

But there is a disconnect: The processes insurers use haven’t adapted to the capabilities of the new technology they have adopted.

The application of advanced analytics is already well ingrained in underwriting. It has only more recently begun to exert more influence in claims operations.

ITL FOCUS is a monthly initiative featuring topics related to innovation in risk management and insurance.

This month's focus is Claims

To see what 2023 holds in store, ITL Editor-in-Chief Paul Carroll talked with Andy Cohen, president and chief operating officer at Snapsheet, an innovator in claims management.

"Digital coworkers" can address the staffing shortages that claims departments face, while covering for inadequacies in technology and processes.

50% of small business owners trust their carriers more than they did pre-pandemic. That number jumps to 80% when the business owner has filed a claim.