Minor Traumatic Brain Injuries: Human ‘crash-test dummy’ claim successful
Insurance 2022 - the year ahead
Digital transformation has been the focus of insurers and claims professionals for several years. There has been a concerted focus on driving down costs and increasing efficiencies, utilising automation, AI and machine learning to remove large amounts of time-consuming administrative work from the claims process.
Developments to date have largely been focused on low value casualty claims. However, insurers’ aspirations will not be limited to smaller claims. As experience of using claims handling technologies grows, and these technologies become more sophisticated, insurers will increasingly look to utilise claims automation processes in more serious and catastrophic casualty claims, as well as complex claims outside of the casualty space. These changes will not only benefit insurers but also deliver a better claims experience for policyholders.
The use of analytics, AI and process enhancement in more complex claims removes not only administrative costs, but more importantly will afford handlers additional time to focus on the progression and settlement of claims.
Clyde & Co is already working collaboratively with clients to develop products that improve fraud detection and the processing of credit hire claims. Our data platforms and bespoke portals, combined with a move to a single case management system, enables the gathering of richer claims data. It is this standardisation of data collection and warehousing across the full claims and litigation process that will enable insurers to utilise increased application of machine learning and AI. This coincides with insurers expecting increasingly sophisticated analytics provision from their legal partners, for example in the form of benchmarked MI to enable them to evaluate their performance against that of their competitor set.
The processing of information and documentary evidence is crucial in an automated claims system too. The introduction of increasingly complex document review systems enhanced by artificial intelligence will identify key indicators for claims handlers to use and progress the claim effectively. And the technologies that support these automations have applications far wider than just the Casualty claims space.
Looking to the future, claims professionals will be expected to have analytical skills, for example, allowing them to identify irregularities in the automated review suggesting fraudulent behaviours, with reference to existing case data.
What is increasingly apparent is that the key to successful digital transformation is not to remove humans from the claims process entirely, but to ensure they are able to focus on those elements of the journey in which human intervention is most effectively deployed.