Part 2: Accuracy, Efficiency, and Automation: How AI is Improving Workflows in Property Insurance Claims
Everywhere, insurance executives are recognizing the value of data in their policy continuum to help them decide with intelligence. A 2022 survey conducted by CoreLogic of executives in property and casualty insurance showed an overwhelming majority — 90% — had agreed that data-driven decision-making was emerging as an important factor in being successful in today’s insurance market.
In particular, there was significant recognition — 84% — that data driven decision-making can help move the needle away from the human instinct of confirmation bias in claims processing. We can often fall victim to our own desire to be right as opposed to actually paying attention to what is accurate, and in that way, data can help clarify truth.
But data points on their own are like puzzle pieces. Scattered and scrambled in a box, it can be difficult to find rhyme or reason to their colors, patterns, shapes. This confusion is the essence of the big data problem: with so much information at hand, where do you begin? How do you turn data into intelligence?
In insurance, today, the imagery and sensor explosion is perhaps the most consequential technological advancement occurring. We have been mapping the world for centuries, but today there are more maps and photos than ever before, giving us the ability to see in almost real time how the earth is changing. With an abundance of providers offering satellite, aerial, stratospheric balloon, ground-level and more types of imagery, it’s easy to imagine the possibilities.
But this abundance of information has the same big data double-edged sword. How does one parse, categorize and identify what to pay attention to, especially as it relates uniquely to a carrier’s portfolio? How do you utilize this information to make claims faster, cheaper and better?
The answer is in artificial intelligence.
Read on for more on what the tech future holds for claims.