Here's how emerging technology is changing the claims process

Insurers are concerned about the disruptions caused by emerging technologies, but also understand the value of the information they capture regarding a claim. (Photo: Shutterstock)

A recent report by Novarica addressed the adoption of emerging technologies in the insurance industry. Interestingly, adoption of these technologies does not appear to be happening equally across all functions of the insurance business. Most adoption is occurring within the underwriting and claims processes.

On one level, this is not surprising, when you consider that it is relatively easy to perform a cost/benefit analysis against these two functions; and is therefore, easier to gain funding for projects related to these two areas. However, there appears to be quite a few missed opportunities here – areas where forward-thinking carriers could leverage tools available to make their businesses stronger today and into the future.