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.