The insurance industry has been undergoing a period of technological transformation over the past 30 years, but rather than this diminishing the value of industry talent it has elevated it.
At Crawford, we have likewise been on a digital journey for over 20 years, as adjusters have evolved from using pen and paper to working with computers and mobile phones, while advances in claims-related technology have greatly enhanced the ability of our specialists to manage claims for efficiently and effectively for our clients.
While the speed of technological change in the insurance market has been slower than in other sectors, the process of digitization has been given a massive boost following the challenges of COVID-19, which has driven both the desire and the necessity to embrace technological solutions.
In the claims world, the challenges of a global lockdown have meant that remote claims-handling capabilities have become an integral part of how our adjusters have operated, while the restrictions have also served as a significant catalyst for greater uptake of many of the insurtech innovations available to the sector.
A large part of the role of the adjuster traditionally involved hands-on assessment of the majority of claims that occurred - going out into the field and inspecting properties, and then either writing estimates or performing the estimate validation.
Increasingly, however, lower-complexity, higher-frequency claims are being either wholly automated or are addressed by virtual inspections or through the dispatch of on-demand inspectors.
The growing use of technology in insurance claims is improving operating efficiency, and therefore expense management. These solutions allow adjusters to handle claims more quickly, enabling carriers to determine their level of indemnity sooner after an event.
Where these technologies can also help is in documenting claims more effectively, without the need for an adjuster to visit the site, which increases the number of claims they can handle while sitting at their desk.
The role of the adjuster is undoubtedly changing, and as an industry we must find the optimal combination of traditional and non-traditional skill sets, utilizing technology to reposition the adjuster in the claims environment so that they are able to apply their specialist knowledge in the most effective way possible to meet client needs.
Technology and talent
In claims, new technologies have not only enhanced our training and educational abilities while in addition, through greater levels of automation of the more repetitive or standardized tasks, have freed up adjusters to focus their expertise on more complex and demanding claims environments.
This has the additional benefit of enabling us to dedicate more resources for educational development and other aspects of coverage analysis and complexities that support and enhance our ability to address claims more effectively.
Automated estimate reviews, for example, provide rules-based quality assurance, giving the estimator real-time feedback during the estimating process, and not only reducing time taken to complete estimates, but also providing scoring of accuracy.
The key performance metrics generated provide comprehensive feedback and training guidance for carrier employees. Such insights also help eliminate and reduce frequency of errors, shorten cycle times for estimating and quality assurance, and support enhanced talent development and expertise in estimating.
This technological shift is also creating opportunities for companies like Crawford to continually expand our service offering.
For example, on the risk mitigation front we are now able to offer solutions that actively prevent water damage. Combining our existing escape of water solution with water sensor technology, has enabled us to put together a scalable solution, with call center functionality to alert the customer to a leak and determine if the dispatch of emergency services or a repair services contractor is required.
This is just one example of why we are not only an innovative company but an incubator for new ideas which often go on to be adopted by the wider industry.
In this new, technology-driven world, we see multiple emerging opportunities in areas outside of the traditional claims process for Crawford to explore and to ensure that we are constantly delivering greater value to our clients.
To find out how we solve claims challenges through innovation and expertise reach out to our team at InsurTech Connect in Las Vegas Stop by booth #347 to learn more about our automated estimate review tools as well as other solutions that will help you future proof your claims operations.