claims

Fraud is an ongoing headache for the insurance industry. The Association of British Insurers reported that the industry detected 113,000 dishonest insurance claims in 2017, equating to a value of £1.3bn. The total number of detected insurance frauds, which also accounts for practices such as lying when applying for cover or ‘ghost broking’, was over half a million at 562,000.... Read More >
Towards the end of last year, I attended a major insurtech conference. As ever, the week was packed with interesting debates and stories about how technology is impacting the insurance industry and how insurers are reacting to changing customer demands. One of the key takeaways concerned the manner in which customers might soon be communicating with their insurer. Talk becomes action... Read More >
Carriers offer consumers different options for obtaining an estimate on their damaged property. In the past, options have included drive-in and body shop inspections for vehicles and field appraisals for non-drivable vehicles and property. A trend that is gaining traction in our industry is visual-based estimating. This blog miniseries will focus on different vendor approaches to empowering the field and consumer with smart devices to estimate damaged property.... Read More >
Even within P&C Commercial lines, Workers’ Compensation insurance is a unique niche. The stakes, if not higher, are at least different when you’re insuring not buildings and vehicles but human beings. People. Can you imagine a more unpredictable risk, or one that contributes in more ways to your success? ... Read More >
Drones are often touted as being the answer to a great number of modern-day challenges. Soon, we are told, they will be making shopping deliveries for us, dropping off pizzas, and even taxiing us around. ... Read More >
Betterview provides high resolution images and data on risks from drones, satellites, and manned aerial vehicles to support more accurate underwriting and claims handling. With access to better data throughout the property insurance lifecycle, insurers can better assess damage, mitigate risk, and make better decisions. In essence, a better view of risks. ... Read More >
The three main use cases FRISS supports are: FNOL Fraud Detection – detects fraud during creation of the claim. For example, a staged loss or similar previous claim.  Referred to the Special Investigative Unit (SIU) – FRISS provides case management tools which allow the SIU team to assess alerts and manage the claims until its closure. Underwriting – fraud can be prevented by feeding back into underwriting claim history based on inputs like driver’s license.  ... Read More >
In the two previous posts in this series, I discussed the struggles that ABC Insurance’s customer service representatives had interacting with customers and agents.... Read More >
ABC Insurance is a mid-sized Tier 2 insurer in the Midwest. Its primary offerings are auto and homeowners insurance. The company prides itself on its superior customer service and encourages all of its CSRs to work as efficiently as possible to assist customers. Let’s meet Daniel and Shauna, who are ABC Insurance CSRs. Daniel is a claims CSR, and Shauna is a CSR who services accounts to address billing questions and assist both agents and underwriters.... Read More >
Insurance companies consume terabytes of information every day in the form of digital data. Valuable data is being provided by more and more sources, which quickly paint a reliable picture of a risk or a submitted claim and make it possible to filter out unwanted risks and fraudulent claims. State-of-the-art technology is required to process this influx of information and convert it into applicable knowledge and insights. ... Read More >

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