Homeowners policy. “Traditional insurance providers hold the lion’s share of the market for now, but need to focus on automating their claims process or risk losing out to digital-first competitors,” says Roi Amir, Sprout.ai CEO. (Photo: Matt Benoit/Shutterstock.com)

For most insurers, the claims experience is an opportunity to highlight their value to policyholders. However, technology is changing how that process is handled as well as customers’ expectations of insurance in general.

While not traditionally viewed as rapid technology adopters, for many insurers the pandemic and the emergence of insurtechs have encouraged a more rapid technological evolution in the industry. Technology now plays a significant role in selling insurance (think online companies like Lemonade, Next, and Corvus Insurance) and binding policies. It’s made it easier for policyholders to comparison shop by price and coverage, follow their claim through the process, and in some cases, get paid more quickly.

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Patricia L. Harman

Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]

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