InsurTech Trends and Innovations in Third-Party Claim Administration
Technology is transforming many fields, including the management of risk. Risk managers are harnessing the power of big data to identify exposures and Claim professionals are using data analytics for insights into how claims may develop so they can more efficiently dedicate resources to help them resolve.
From artificial intelligence (AI) to three-dimensional modeling, InsurTech can help interpret vast amounts of data collected daily, provide timely information and help third-party administrators to manage claims and mitigate loss costs.
Here are some examples of technology innovations:
Video has been in use for decades in the security monitoring realm, but innovative analytics is adding new dimensions for risk managers, insurance companies and third party administrators. For example, companies have long used video cameras to record footage for security purposes, but it has historically been lower quality and time-consuming to review. New innovative products may be able to assist with this process. For example, BriefCam offers a video AI software solution that helps analyze trends in data collected on video, helping forensic investigators to zero in on a specific interest.
The technology makes it possible to leverage existing surveillance video that may not have been fully evaluated because of the considerable amount of video to sort through. By uploading hours of surveillance video into BriefCam, users can gain timely new insights through capabilities like enhanced search, review and facial recognition, to help them identify relevant safety issues in minutes.
From a Security Camera to a Risk Analysis Tool
As AI continues to evolve, it has potential to help companies analyze incidents and develop strategies to help prevent similar incidents in the future. For example, a facilities manager could view time-lapse video that condenses 100 hours of video into 10 minutes and show a heat map of employees entering and exiting the building. After determining their primary traffic patterns, those areas could be prioritized for risk mitigation measures like clearing snow and ice to reduce the likelihood of slips, trips and falls.
Video analytics can also help show if employees are following safety procedures, such as wearing proper Personal Protective Equipment (PPE). Companies could also use it to evaluate areas where common losses occur, such as struck-by accidents at a warehouse, to see if employees are consistently staying within or wandering outside of designated safe areas and pathways. The insights gathered can inform updates to safety guidelines and procedures to help improve safety and reduce injuries and losses.
In the event of a loss, the video data can be condensed into a video synopsis that is searchable by source, time range, vehicle types and attributes of people. Facial recognition software allows for image recognition and the videos can show size, speed and direction that could be helpful during the investigation of a claim.
Smart Property Damage Analysis
Assessing property damage in person can involve risky conditions for Claim professionals. Through its app, with as few as eight smartphone photos, HOVER creates three-dimensional (3D) models that can help reduce the need to walk through potentially dangerous sites where property damage has occurred. HOVER's technology transforms smartphone photos of any property into an accurate 3D model, gathering precise measurements of a building's exterior, siding and windows.
Claim professionals can use HOVER to more easily inspect property damage, and customers can use HOVER to submit their information without having to schedule an on-site inspection.
HOVER's technology can provide an easier claim process for customers and a safer environment for employees.
Working with Constitution State Services
Constitution State Services (CSS) helps companies stay ahead of the increasing costs of fraud with detection and investigative capabilities. Using predictive tools helps CSS identify claims that may be appropriate for further investigation. Through sophisticated technology, data and analytics, our Claim professionals work hard to protect your business from fraud at every stage of the claim process. Learn more about our specialty claim services.
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