View this article online: https://www.insurancejournal.com/blogs/corelogic/2023/06/14/725286.htm
This post is part of a series sponsored by CoreLogic.
With the Atlantic Hurricane season starting on June 1 – and lasting through November – it is essential to start preparing for tropical storms and hurricanes. And while hurricanes are always cause for concern, according to the recently published CoreLogic® 2023 Hurricane Risk Report, hurricanes are changing, with experts anticipating an increase in both the number and intensity of storms affecting larger geographical areas.
This trend applies to hurricanes and all types of catastrophes, with experts and researchers generally predicting more frequent and significant scale disasters.
Insurance carriers cannot rely on traditional approaches to catastrophe management anymore. They must adapt their strategies to cope with increased unpredictability in catastrophes and potentially more claims. By digitalizing the claims process, insurers can achieve agility, scalability, and flexibility in catastrophe management.
As more claims are expected, insurance companies must prepare to do more with less. Digitalizing the entire claims process is the key to providing customized, efficient services for every claim.
Every disaster and insurance claim is different, which means that tailored plans and procedures are necessary. To make this possible, insurance companies must fully digitalize their claims processes, starting with loss inspection and continuing through to the completion of restoration projects.
With the rising volume and severity of various weather events, insurance providers must leverage digital tools to create tailored processes. This is especially true in today’s fast-paced, digital-driven world, where customers expect quick resolutions.
If carriers use claims management software like CoreLogic’s Claims™ platform, they can access all the relevant claim data in one place. With this technology at the foundation of claims processes, it is possible for insurance providers to create automated workflows that are tailored to meet the unique needs of each policyholder. By digitizing the claims process from start to finish, carriers can automate customizable workflows and better serve their policyholders’ changing needs.
CoreLogic Claim’s smart dispatching solution digitalizes the claims task assignment process to maximize personnel allocation and increase assignment speed and efficiency. By establishing automated workflows, this dispatching solution automatically assigns the right resources – inspectors, adjusters, and contractors – to specific claims. This dispatch solution provides a simple mechanism for matching professionals to jobs based on personal criteria such as capacity, skillset, experience, and location. Users can customize this set of standards with any attribute of their choice so that dispatchers and resource managers can always find the perfect fit for each job.
Also, since this dispatching system integrates with the entire CoreLogic claims platform, resources can be identified and officially assigned to tasks from the same system.
By getting the right professional to the right type of claim as soon as possible, carriers shorten claims lifecycles and allow their insurance business to scale with the demand that inevitably increases with catastrophes.
Mobile Claims™ – a CoreLogic Claims Estimate solution – and CoreLogic’s SettleAssist® are powerful tools for digitizing property inspection and estimating production procedures. Both solutions shorten and enhance these steps of the claims process.
Mobile Claims utilizes standardized questions called “Assemblies” to guide inspectors and adjusters through claim scoping processes. These guided questionnaires also ensure that adjusters and estimators have comprehensive and accurate data to produce complete estimates for every project – regardless of their expertise or experience.
Similarly, CoreLogic’s SettleAssist is a mobile application that provides inspectors with digital forms that guide them through the steps they must complete in order to conduct thorough inspections. SettleAssist also offers a visual glossary that automatically identifies structural elements in photographs taken by inspectors. This solution also scans property photos and generates captions, facilitating comprehensive analysis.
Mobile Claims and SettleAssist save professionals time and provide more accuracy during inspections and estimating processes. Carriers can leverage these digitalization programs to tackle more claims amid widespread disasters.
The property insurance industry has been on the slow side to embrace digital transformation, but the changing climate and nature of catastrophes will change the game for carriers. The current landscape requires carriers to take immediate action. They must act quickly to serve their customers and be proactive with their business strategies to remain solvent – and successful – amid future uncertainties.
As large-scale weather events become more frequent, carriers must utilize technology to address claims quickly and optimize resource allocation. Digitalizing helps future-proof insurance businesses by empowering professionals to make quick, informed decisions based on a current set of comprehensive data.
Digitalization of the claims process is also becoming more crucial because it fuels stakeholder collaboration. By using an integrated set of digital – including mobile applications – to provide easy access to up-to-date project data and insights for every involved party, carriers provide a centralized mode of accessible communication between all stakeholders. Consistent communication between insurance professionals and external parties like contractors is required for every job’s efficient, effective, and successful completion.
In today’s evolving world and with heightened customer expectations, analog is no longer acceptable. By digitalizing claims workflows, carriers will expand their capacity to manage a higher volume of claims while simultaneously remaining within the boundaries of changing legal requirements.
Establishing a digital ecosystem for claims workflows is a compelling and strategic way to keep up with catastrophes.
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