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October 30, 2017

The Insurer of the Future – Part 3

Summary:

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

Photo Courtesy of Pexels

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.

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About the Author

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

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