Data errors can result in misassigned claims, coverage denials and incorrect loss reserves. (Photo: Rawpixel.com/Shutterstock)
Over the past decade, technology's impact on the claims side of the P&C industry has been extraordinary. Today, insureds submit high-definition video and audio files and images to support their claims. In theory, this creates more accurate and faster claims processing, all of which should be good news to insurers, who face increased cost pressures due to the abundance of claims filed in the wake of multiple large-scale weather events and COVID-19.
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