What will the future of our industry look like, and what does that mean for today's Claims professionals? How can adjusters and others prepare for changing dynamics and increasing complexity?
Join Bryan Falchuk as he hosts a panel featuring audience questions on the dynamics and technology shaping where insurance is headed.
The panel includes:
- Erik Bahnsen, Director, Industry Analytics, CCC Intelligent Solutions
- Ramón Lopez, President, Claim Assist Solutions
- David S. Milton, Founder & CEO, TelaClaims
This discussion was recorded live on April 1st at the 2025 PLRB Claims Conference in Indianapolis, Indiana, and was held right after the panelists shared this views on how things like AI are changing the ways claims can be handled – not just in the future, but right now.
Episode SummaryThe panel discussion explores the integration of AI in the insurance industry, particularly in claims processing and adjuster workflows. It highlights AI's role in enhancing efficiency and accuracy while acknowledging the challenges of implementation, such as sentiment analysis. The discussion emphasizes AI as a supportive tool that allows adjusters to focus on complex decision-making, ultimately transforming their roles without replacing human expertise.
Key Points
- AI Integration in Claims ProcessingAI is being increasingly integrated into claims processing to enhance efficiency and accuracy. It helps in tasks such as peer review of claims, identifying overlaps, and performing complex calculations, which traditionally required manual effort.
- Challenges and OpportunitiesAI offers significant potential, there are challenges in its implementation. For example, attempts to use AI for sentiment analysis in customer interactions were not successful, highlighting the complexity of accurately interpreting human emotions.
- Future of Adjuster RolesThe role of adjusters is expected to evolve with AI taking over routine tasks, allowing adjusters to focus on more complex decision-making. This shift is anticipated to lower entry barriers and enable more people to enter the field.
- Policyholder ExpectationsThere is a continuous increase in policyholder expectations, which AI can help meet by providing faster and more accurate service. However, the industry still faces challenges in fully aligning technology capabilities with these expectations.
- AI as a Tool, Not a ReplacementAI is viewed as a tool to assist rather than replace human decision-making. It operates within set guidelines and is used to support decisions, especially in high-stakes scenarios like large claims.
ConclusionOverall, the discussion highlights the transformative potential of AI in the insurance industry while acknowledging the ongoing challenges and the need for human expertise in complex situations.
This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook.
Follow the podcast at future-of-insurance.com/podcast for more details and other episodes.
Music courtesy of Hyperbeat Music, available to stream or download on Spotify, Apple Music, and Amazon Music and more.
