Claims magazine, PropertyCasualty360.com and RMS recently participatedin a Twitter chat (#PC360ClaimsTech) discussing the effect oftechnology on the insurance claims process. Insurance executivesfrom multiple companies shared their insights on what's working andhow it affects claims and communication with policyholders.

“Companies are looking to reduce costs by allowing customers toself-serve and use digital tools to inspect property without havingto send out an adjuster,” shared Kristin Marr, president ofValenAnalytics.

In addition, “many of the leading companies are leveragingdigitalization to improve processes, quality and outcomes,”according to Chris Tidball, vice president of sales and claimstransformation strategy for EXL Group.

Related: InsurTech & the latest trends in core systemspurchasing

Some insurers are concerned that implementing new technologycould preclude human involvement with the claims process, leadingto less satisfied customers. However, as Rebecca Morgan, seniordirector of product management for Mitchell's Workers' Compensation Solutionspointed out, “If we look at Amazon as an example, we have verylittle human interaction with Amazon employees, yet Amazoncustomers continue to be incredibly loyal because of the excellentoverall customer experience. The same is true for insurance.”

Technology & disasters

A series of devastating hurricanes last fall allowed insurers tosee first-hand the impact InsurTech can have on the claims process.“Technology is making the interactions more accurate, timely andfaster,” said John Sarich, vice president of strategy for VUESoftware.

RMS COO JohnO'Connell agreed, tweeting, “Claims processors with event responsecapability undoubtedly reacted fast to claims based on theirreal-time analytics.”

Neeraj Sibal, assistant vice president of EXLAnalytics, recognizes the value InsurTech brings to the claimsprocess and how it exceeded conventional boundaries as mobile appsallowed for the easy transmission of information. “A photo share, avideo chat with an adjuster or reporting through chatbots arechanging the customer experience. Early adopters of thesetechnologies are leveraging reduced cycle times and creatinghappier and more satisfied customers.”

“In addition to creating a more seamless, hassle-free process,InsurTech can also help members become smarter about risk andprevent future losses,” added Derek Zahn, vice president of claimsfor the western division of PUREInsurance.

InsurTech is also changing the first notice of loss forpolicyholders and insurers. “Historically, FNOL has been verymanual,” tweeted Jonathan Silverman, director, worldwide insurance at Microsoft. “It makessense to target it as an area for improvement. Today, we canautomate the identification of an accident (for example) usingmanufacturer's data and the alerts when there is an impact or anairbag deployment.”

Technology is also changing the interaction between insurers andpolicyholders. “The use of InsurTech is key to reducing thefriction points that occur at every level, including withproviders,” shared Don Lipsy, managed care specialty productsmanager with Sedgwick.

Farhana Alarakhiya, vice president of RMS concurred, tweeting,“There are many ways – delivery of analytics to the point of impactso smarter decisions can be made that are of benefit to both thecustomer and insurer.”

The experts agreed that InsurTech is a positive addition to theinsurance claims process for carriers and policyholders. PC360 willcontinue the conversation at #PC360ClaimsTech.