X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
So why hasn’t the industry gone fully virtual yet? On the carrier side, the reluctance seems to be driven by the concern that automation could introduce more errors and a higher risk of fraud into the non-complex claims process. (Credit: create jobs 51/Shutterstock) So why hasn’t the industry gone fully virtual yet? On the carrier side, the reluctance seems to be driven by the concern that automation could introduce more errors and a higher risk of fraud into the non-complex claims process. (Credit: create jobs 51/Shutterstock)

The COVID-19 pandemic is changing the way nearly everything, everywhere, is operating, and the insurance industry is particularly impacted, especially for claims processing. The industry was obligated to make quick changes, from employees working from home to rapidly increasing the virtual claims handling option to promote social distancing. Given the early feedback on the success of these changes, my bet is that virtual claims handling will quickly become the rule, not the exception.

As we reflect on 2020, I believe the industry will view our COVID-19 claims response as the tipping point for virtual claims handling, and the accelerator for overall claims automation. Since adjusters have significantly reduced travel to perform on-site inspections for claims, it’s never been more important for insurers to rely on data, analytics and customer-submitted photos to process and pay auto claims quickly and accurately. LexisNexis Risk Solutions conducted a study on the future of claims before the pandemic, and the research revealed that carriers were already embracing the value of virtual claims options, with 95% using or considering virtual claims processes. Touchless claims processing was also growing in popularity, with 79% of carriers surveyed stating they are considering or open to the idea.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.