How has COVID-19 impacted claims innovation?

Insurance Agent Blog  

The coronavirus pandemic impacted and caused disruption in many industries. Insurance was no exception. The COVID-19 pandemic fast-tracked innovation in insurance claim management among other things. Insurance carriers needed to transition to working remotely across the globe. Insurance agents needed to continue to provide the same level of service to policyholders and business partners, which led to changes in how they handled hard mail, IT and other operations.

Claim adjudication, handling and payment work all had to be handled remotely. Luckily, this was possible with the use of tools. These tools were around for three to five years, but it was the pandemic that led to their usage in the industry. Various carriers and insurtechs have started to use artificial intelligence and machine learning.

Innovation in fraud detection has also been made. These tools are gaining importance due to the current economic situation. With so many people under financial hardship due to the pandemic, there has been an increase in fraudulent insurance claims. These tools can pick up red flags that could have been missed.

How have you felt COVID-19 impact your insurance business? If you need assistance with insurance demand generation, we can support you and your team. Learn about Parasol Leads insurance lead generation programs today.

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