The insurance industry has become more digital in recent years as its reliance on data and technology has grown. Despite this, many insurers and insureds still rely on paper — especially when it comes to claims.
Claims professionals will be the first to tell you how time-consuming the paperwork can be. As a former claim insurance attorney in Washington D.C., Chris Cheatham is no stranger to sorting through a sea of papers. He usually represented insurance companies against the federal government or in cases involving large construction projects.
One day he realized the papers he was reviewing “were always really unorganized and it was costing my companies, who were the large carriers, a lot of money.” Within the insurance industry, he would hear of professionals turning to X-Acto knives or Excel spreadsheets; others were simply redlining in order to compare policies and find exclusions. And the job became even more labor intensive when the insurance professional was comparing policies from more than one insurer, which is often the case with large businesses.
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Denny Jacob
Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].
