Claims

The highlights from our recent webinar in partnership with Eigen Technologies on the implications of AI on the insurance industry.

AI is transforming the insurance industry, affecting claims, fraud detection, underwriting, and more. Insurers must balance AI's potential with data accuracy, ethics, and human expertise.

Join Insider Engage, in partnership with Guidewire, for a free webinar 11:30 ET/4:30 BT on Aug. 2

Join Insider Engage, in partnership with KBRA, for a free webinar, 10:30 ET/3:30 BT, on Aug. 29 as we explore E&S market dynamics.

Join Insider Engage, in partnership with Mendix, for a free webinar, 10:30 ET/15:30 BT, May 24, as we explore the benefits and potential pitfalls of touchless claims.

Insider Engage caught up with two companies at the 2023 edition of Insurtech Insights Europe to discuss how artificial intelligence implementations can enable insurance companies improve efficiency and help them better serve their customers.

Join Insider Engage, in partnership with Worldpay from FIS, for a free webinar, 10:30 ET, Nov. 17

As inflation, the war in Ukraine, climate change, and the lingering effects of the pandemic continue to cause problems for global supply chains, insurers and their clients are likely to come under increasing pressure to reconsider long-established methods of procurement and delivery.

Not if you unify systems to stop problems from snowballing, says RMS product expert Cihan Biyikoglu

The Covid-19 pandemic is the mother of all systemic shock losses. According to analysis by insurance broker Howden, pandemic-related insured losses stood at $43.5bn by the end of 2021.

A pandemic reprieve has given way to mounting concern about mammoth jury awards.

Increased frequency and severity of secondary perils, complicated by supply chain disruptions and inflation, are putting pressure on property insurers.

As companies adjusted to employees working from home, and the experience of natural catastrophe striking new areas, the insurance industry is rethinking their claims processes, said Dave Chmiel, SVP, National Director of Claims North America, HUB International.

Applications now being accepted for the Inside P&C Honors 22

Tasks that used to take days now take minutes, thanks to artificial intelligence and machine learning, said Kimberly George, global head of innovation and product development, Sedgwick.

Legacy systems have long been blamed for contributing to sky-high expense ratios and poor customer satisfaction, but the advent of low-code solutions could be just the pill the insurance industry needs to get rid of the legacy headache and usher in a new era of streamlined and easy to use claims platforms.

The talent shortfall facing the insurance industry isn't helped by talk of technology replacing people, said Rohit Verma, CEO, Crawford & Company.

As social inflation continues to drive increases in claims severity, juries should know when plaintiffs are backed by third-party litigation funding, said Mike Fallon, president of major accounts, Liberty Mutual Global Risk Solutions. He spoke with Insider Engage at RIMS 2022 in San Francisco.

Please join us for this free webinar, offered in partnership with Markel, at 10 a.m. on June 8

While the COVID-19 pandemic shut down offices and in-person meetings, Aon used the time to revamp its claims review process.

Join Insider Engage in a dynamic discussion in partnership with Mendix

Ann Haugh from Axis Re discusses managing risk and volatility in the global property reinsurance market, and the war for talent.

Inflation risk is potentially quickening the Fed's rate hiking schedule becoming a key driver of downside economic risk, said Jake Meyer, senior economist with Swiss Re Institute.

Insurers are finding automation a helpful tool to reduce errors in highly repetitive, complex processes, said Adam Goran, client partner, Emergn.

As claims grow more complex and the competition for talent heats up AXIS Insurance has deployed new strategies to bridge the talent gap and to retain experienced claims professionals, said Mike Baumel, Chief Claims Officer.

As the pandemic continues to hamper shipping and disrupt labor, demand-driven inflation is likely to continue, said Michel Leonard, vice president, senior economist and data scientist, Insurance Information Institute.

The Institutes' new blockchain app could speed up claims, and its exploration into NFT could transform the industry, said Peter Miller, president and CEO of the Institutes.

How new advancements in analytics are allowing insurers to use foot traffic data to build a more accurate, real-time picture of commercial risks.

How implementing a modern digital claims system can drive efficiencies and competitive advantages for insurers while reinventing the claims experience for end customers.

Every claim can build long-term relationships, said Tim Deardon, senior vice president, group head of claims, IGI.