The Insurer of the Future - Part 3

As the abilities of cognitive/AI systems surpass those of humans, claims personnel will no longer be required by the Insurer of the Future.

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The first two parts of this series are here and here. 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: See also: ‘Gig Economy’ Comes to Claims Handling   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 by 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, body shops and online retailers, to return the policyholder to the 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 on, recoveries and reinsurance claims as needed
See also: Insurtech: Can It Help Claims Experience?   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.


Alan Walker

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Alan Walker

Alan Walker is an international thought leader, strategist and implementer, currently based in the U.S., on insurance digital transformation.

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