Insurance rates are based on risk, but there some factors that affect a policyholder’s insurance more than others, like filing claims or, especially, multiple claims.

In fact, filing claims will raise rates more than any other factor besides poor credit.

To help insureds better understand what determines home insurance rates and what could put customers at risk of rate increases, here is a detailed list of how much certain claims raise rates.

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Expanding data volumes from sensors and other connected technology, intensifying regulation, increasingly volatile weather patterns — these are among the powerful forces reshaping the insurance industry. Their effect on the claims function certainly will be profound. Nearly every link in the claims process will evolve in the future thanks to:

• Technological innovations (such as robotic process automation and driverless cars).
• Significant shifts in claims volumes (less, but more unpredictable, claims).
• Changing customer expectations (more digital engagement).

There's little doubt that tomorrow’s claims organization will look and act differently. Smaller, leaner teams will rely on greater automation to focus on higher-value activities. What you will notice today are 6 emerging trends changing insurance claims and how they are processed. 

 

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