Changes Coming To Insurance In 2022

Advancements in technology have forever altered the way people communicate, learn, and even earn a living. And, for some industries, technology has led to greater efficiency, causing many of those organizations to enhance their bottom line profits. 

For the insurance industry, enterprising technologies allow companies to increase accuracy in risk assessment and effective underwriting. 

Changes Coming To Insurance In 2022

While these qualities are favorable to the company's stockholders and policyholders, they are only a fraction of the advantages coming to the industry in 2022.

Artificial Intelligence

Despite the futuristic name, artificial intelligence has played an active role in society for quite some time. Artificial intelligence software makes virtual recommendations for products, restaurants, and entertainment based on prior purchases and preferences. 

This historical data helps make predictions and suggestions for foods and other items you might enjoy. AI Software for insurance expands on this concept by streamlining vital processes.

At an estimated cost of $40 billion per year, fraud prevention is one of the most cost-effective insurance applications for artificial insurance software. 

This software simplifies the detection of hard-to-find fraud approaches and patterns and flags them for further investigation. Automating time-consuming tasks like these results in a substantial efficiency improvement and allows investigators to redirect resources to vulnerable areas. 

Changes in Claims Processing

Claims processing is one of the most significant opportunities for insurers to impact the lives of their policyholders. 

More than 80% of consumers state that the effectiveness of the claims process has the most critical impact on their choice of an insurance vendor. 

Policyholders want a simplified claims experience that saves them time and lets them get back to their lives, and AI software is highly effective in making this happen. 

Insurance carriers can take weeks to months to settle a claim after receiving the first notification of loss or FNOL to insured property. 

While briskly closing out a case is in the best interest of all concerned parties, a complete investigation of the circumstances requires time to gather facts. New technologies allow the faster exchange of information critical to settling the claim. 

Many insurers currently rely on dedicated apps for assistance with the claims reporting process. Among other things, these digital applications provide chat boxes that interact with the insured to record the initial information needed to file a claim. 

Many apps also empower users to submit police reports, photographs, and other necessary data directly to the insurance company. These innovations save valuable time, making a swift resolution feasible. 

Commercial Drones 

This year has seen many insurance companies initiating or expanding their use of drones for risk management and data collection support. 

Since receiving permission from the FAA in 2015, the insurance industry has increasingly depended on drones to assist claims investigators and adjusters in obtaining pertinent details in a much more productive manner. 

Future Advancements for the Insurance Industry

The current age of digital information allows the insurance industry to reinvent a map to a successful future that benefits insurance carriers and the policyholders that depend on them to be there after suffering a loss. 

Previous Post Next Post

Contact Form