Four Insurance Trends that Will Stay after the COVID-19 Pandemic

Remote claims processing has lower costs concerning in-person inspections, enhanced customer experience, and accelerate claims processing.

Fremont, CA: The COVID-19 pandemic has significantly disrupted industries, and the insurance industry is no different. As businesses increasingly shift to remote work, there has been a dramatic decrease in claims volume, especially in the automobile business, where individuals stopped driving as stay-at-home orders expanded.

Here are four insurance trends that will stay after the pandemic:

Workers’ Comp Landscape

COVID-19 workers’ comp claims can be complicated handling treatment, return-to-work timelines, and the claim duration. Telemedicine consultations have increased during the health crisis and will likely continue in the future. Adjusters need to accommodate in assessing the types of treatment and enhance oversight of those claims. As claim handlers continue to work remotely, they will find it challenging to get the proper resources related to a claim to contain costs.

Remote Claims Processing

As many claims, employees now work remotely, and insurers have also moved to remote processing. Remote claims processing has lower costs concerning in-person inspections, enhanced customer experience, and accelerate claims processing.

Shift to Digital Claims

The pandemic has expedited the shift to digital claims processes, taking advantage of predictive analytics, AI, and automation.

Catastrophe Claims Management

Instead of sending an adjuster into the field to evaluate catastrophic damage, virtual snapshots can offer faster and accurate information, removing in-person risks. Thus, aerial imagery, geospatial data, and remote sensing technology can be essential for damage assessment and catastrophe response.

Weather analytics and geospatial location data can help establish which policyholders were affected by an event and confirm the loss date. Remote sensing can also optimize loss response time by relaying post-loss conditions to the adjuster.