Being a claims professional in today’s world is much more complex compared to the past 10 years — or even just five.
Executive SummaryNearly three-quarters of Westfield's storm claims are now processed via a desktop adjusting model, reports Head of Natural Catastrophe Claims Jeff Hastings. Here, Hastings reviews the carrier's use of virtual estimating tools, digital claims processing, predictive models, catastrophe models and AI to deliver needed resources to respond to customers impacted by storm events.
The insurance industry is experiencing rapid technological advancements, regulatory changes and evolving customer expectations. At the same time, increased claims litigation and insurance fraud continue to require insurers to examine claims more carefully, which can increase processing times and lower customer satisfaction.
And when you consider the increasing frequency and severity of natural disasters and a talent shortage in the claims profession, it’s clear that, as an industry, we need to adjust how we prepare for and respond to catastrophic events.