Analysis

It's important to strike the right balance between human and digital resources in the underwriting workflow.

Here are six things to consider when deciding whether to arbitrate a claim.

"If there's a direct-hit Category 5 storm that hits Miami, you're going to see 20 insurance companies go bankrupt and are not going to be able to pay claims. It's become a big problem," said South Florida insurance broker Joseph Gendelman.

Over time, policy language has changed to be more specific and detail what exactly is excluded when it comes to animal claims.

Chatbots are not a plug-and-play type of platform but must target specific needs within the customer-facing application suite.

According to TransUnion's quarterly fraud report, insurance was one of only two industries that saw an increase in digital fraud globally YoY.