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How Disruptive Technology Can Change Claims Management

Posted by J.J. Schmidt on February 19, 2018 at 2:55 PM

Disruptive Technology in Claims

The claims industry has had its share of technological advances that have raised performance levels and altered the trajectory of claims management processes. More emphasis is now placed on mobility, which means that constant access to the Internet has led to more unrestrained and remotely-operated work. Data management has also become more effective due to storage capacity expansion made possible by the usage of cutting-edge technology.

Perhaps the biggest shift the industry has undergone involves the increased prevalence of analytics within claims management processes. As previously alluded to, storage capacity expansion permits the transformation of large amounts of data into useful bits of extremely accurate information. With regards to field research, drones have become more involved in preliminary investigative processes, particularly in highly risky, seemingly unapproachable disaster situations.

The New Era Challenges

Despite numerous innovations, there are several challenges that call for further adjustments moving forward. As a result of the industry incorporating technology more extensively, coming generations of claimants may bear higher expectations as to the adjustor’s technology practices. They may also expect an instant response to their claim, interpreting delay as a sign of non-cooperation. As we increasingly become more outcome-oriented, the need for consistency in managing claims becomes more important. This need requires that further technological advancements be implemented as an effective organizational tool.

What the Future Holds

Traditionally, claims management businesses have not been too keen on employing new technology, seeing as avoiding unnecessary risks is the nature of the industry itself. In addition, there is a multitude of regulations and restrictions that may discourage businesses from applying innovation.

Despite some of these potential roadblocks, disruptive technologies have still managed to seep into the industry while bringing along a number of improvements. Developments like telemedicine, drones, wearables and mobile apps have strong potential to gain more prominence in the years to come. 

Comments



David Daley

March 5, 2018 at 4:59 PM

Excellent information! Thank you for sharing. David.