Top 10 Claims Trends That Will Affect 2018
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2017 will be remembered as the landmark year for digital transformation of claims processing within the property/casualty insurance industry. After all, it was the year we saw the use of drones for home roof inspections, auto appraisals via photos, customer video chat and bots used in claims processing. While many of these solutions have been topics of discussion in the industry for quite some time, insurers began to implement them in earnest through new technology during 2017.
Here’s a deeper look at what we think are the top 10 reasons why 2017 should be considered the kickoff year for digital transformation in insurance claims.
Big data made a big splash
While big data has been widely used within insurance underwriting for several years, in 2017 we saw multiple and varied big data claims applications emerge. For example, LexisNexis Risk Solutions rolled out Claims DataFill to a number of insurers that were seeking actionable data at first notice of loss (FNOL) to expedite the first report and collect critical data needed for claims adjudication. This solution accelerates the claims handling process. You can find many other examples of innovative big data applications within the insurance sector in this 2017 recap blog post, written by LexisNexis Risk Solutions CEO Bill Madison.
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