INSURANCE of the claim . All this should have the effect of reducing risk and speeding up claim settlements .”
Mike Chiaramonte , North America insurance lead for digital consultancy Publicis Sapient , adds another example : “ Within claims processing , automation can allow for a seamless transition from FNOL to the pricing of the claim and , finally , to the closeout of the claim . For example , a cargo shipping container may now contain a connected device that can alert the insurer when the temperature of the container has dropped and the goods are at risk of loss . This automation is driven by the interconnectedness of devices and platforms used by customers .
“ Within underwriting and risk assessment , the use of predictive modelling can identify , validate and prepare critical underwriting variables . The risk assessment process then becomes an iterative , continually refreshed , process as the external and internal datasets used can create a dynamic risk assessment environment .”
Will automation lead to fewer jobs ? As insurers face the prospect of handling more data , automation – particularly robotic process automation ( RPA ) – will become crucial . Automation has allowed many claims processes to become more efficient , from the use of images
for validating claims to automated settlements that don ’ t require a human claims handler .
“ There is always a balance to be achieved between automation and ensuring the human touch is not lost when it ’ s most needed by the customer ,” says LexisNexis ’ Jeffrey Skelton . “ The obvious area to consider for greater automation is claims , because this is the shop window for the market and ultimately why we buy insurance . Insurance providers are always looking at ways that processes could be made smoother and less prone to friction without opening up the market to fraud .
“ We believe there is a very real opportunity for greater automation in claims if insurance providers used data
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