Insurance companies have to balance several priorities while managing claims. They need to ensure the loss information is accurate, control costs, and keep customers happy. Thankfully, there are several new technologies designed to help insurance providers improve their performance.
Most claims involve a lot of back and forth between the person handing the claim and the individual filing it. Technology can help reduce the need for such frequent conversations as well as improve efficiency. This translates to cost savings as claims managers can resolve more claims in a shorter window.
Technologies for Improving Claims Processing
There are several new technological advancements for claims management. Some of these include:
- Cognitive intelligence. Another term for this is machine learning. This technology allows computers to learn without the constraint of rules-based software. The computer collects data and learns from it. Such programming can reduce the legwork claims agents must perform, improve efficiency, and enhance customer service.
- Digitization. Mobile apps and other electronic channels of communication improve customer satisfaction. Customers can start claims and provide pertinent information at any time. This simplifies and expedites the claim process.
- Drones. Drone technology works best for property insurance claims. Drones provide an aerial view for adjusters. Adjusters can then provide more accurate damage assessments. This technology improves safety as well since adjusters no longer need to scale buildings in sometimes treacherous conditions.
- Intelligence automation. Piggybacking off cognitive intelligence, this technology allows a machine to perform tasks based on the information it receives. Machines could manage first notice of loss intake, confirming coverage, assigning adjusters, and more.
The greatest benefit of incorporating technology into the claims process is an increase in productivity. These technologies allow insurance agents to resolve more claims much faster, which has the added bonus of improving customer satisfaction. To learn more about improving claims management and processing, contact the experts at Actec.