We live in a time of great uncertainty, from in- creased terrorist activity around the world to major weather-related catastrophes. Moreover, we live during a period of vast technological
advancement where artificial intelligence (AI) can predict inclement weather before it happens based on historical weather
patterns, and drones are taking to the skies to lend a hand in
Technology is essentially helping to reshape
the claims workflow.
This is apparent from the moment a claim is filed to the estimate and final decision. There is a new wave of technology and
apps designed for insurers, and some created with the intention
of managing the claims workflow. Unfortunately, insurers have
been slow to adapt to emerging technologies.
There is however, a growing number of insurtech startups
like Lemonade, bringing new practices to the age-old business.
This has been mostly in the form of innovations like apps and
solutions for insurers to have in their toolkit. Many of these
solutions are even mutually beneficial, and have the potential to
make the job of adjusters easier — and reduce claims wait times
The biggest beneficiaries involved in the process,
however, are adjusters.
Let’s explore nine tech tools and apps, perfect for assisting claims
adjusters in doing their job more effectively, efficiently and ultimately, speeding up the claims process.
They say a picture is worth a thousand words, but what about a
3D version of, let’s say — a house prior to a devastating hurricane
that completely destroyed it?
This is exactly what Matterport does — delivering virtual reality renderings of real-world spaces like homes and factories.
Through its camera, which produces 3D floor plans, adjusters
can gain insight on what an insured’s property looked like both
before and after disaster strikes. This paints a more accurate portrait for adjusters while assessing the damage.
It also solves another real-world problem of cutting down on
travel time. No matter where insurers are located geographically in relation to the claim — expediting claims adjudication
time is invaluable.
Another tool available for insurers is Guidewire ClaimCenter,
an end-to-end claims management system for property/casualty
insurers. The platform helps define, enforce and continually optimize preferred claims handling processes to make it faster and
more transparent for policyholders.
TOOLS OF THE TRADE
9 apps & technologies to help adjusters expedite claims