TECHNOLOGY
It ’ s one of the reasons why insurtech has reached a global funding round total of more than US $ 15bn over the past 12 months – and why the sector ’ s investment rate has grown six-fold since 2017 .
Today , customers expect instant results and streamlined sign-ups . Even life insurance companies ( well known for their long and arduous pre-premium assessments ) are cutting out the bureaucracy and slimming down their applications to ninja-fast proportions . DeadHappy , one of the UK ’ s fastest-growing life insurance providers , for example , can provide a customer with cover after just three mobile app questions .
The future of claims settlements Insurers are aware they have to change their claims management , as customer expectations demand they be served 24 / 7 . Furthermore , companies must provide communication channels that offer chatbot services that are intelligent enough to know when a human service provider is required .
Technology and the use of AI are performing this process – particularly within insurtech startups . The net effect of AI and data analytics on the claims settlement process has been startling .
“ Underwriting or claims decisions , which previously took weeks , will be made within hours and , in some cases , immediately ”
PAUL DONNELLY MUNICH RE
Certain sectors have embraced the technology more than others . As Marcos Malzone , VP Product Management at Solera EMEA , succinctly puts it , AI has allowed the motor claims and broader insurance industry to modernise a process that has been traditionally paper-driven , slow and inefficient . ” For example , it is now possible to settle a claim within minutes just by processing images of damaged vehicles
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