Feb 22, 2019
“When an insurer sends claim information to us—we’re the clearing house, the stewards of their data.” - Mike Fulton
(click to tweet)
Self-driving cars are scary.
Are we really going to hand over our fate to algorithms and microchips? Whether we know it or not—we already are are, with technologies like lane assist, self-parking, auto-braking. These micro-versions of the greater technology warm us up to the idea, so that when it is introduced to the market—we embrace it fully.
And the insurance industry is doing the same right now with claims and automation.
That’s why on today’s episode of FNO: InsureTech, we are joined by Mike Fulton to discuss this future. Mike is president of Xactware Solutions. He oversees Xactware’s integrated solutions for estimating, managing, and analyzing property claims as well as products for professionals involved in the repair and maintenance of bank-owned property and real estate sales.
Tune in to this episode to hear Mike’s insights on everything insuretech-related, from automation in claims to computing power in insurance companies.
“What most insurers are interested in automating are the very high-frequency, low-severity type of losses.” - Mike Fulton
(click to tweet)
The FNO: Tips
- Implement automation in your claims process according to policyholder demographics
- Millennials aren’t as willing to embrace automation as you might think
- Studies show people are willing to give more money to a machine than a machine pretending to be human
- Data is what drives automation; the more data you have, the more automated the system can be
- The IoT and insurance industry are developing technologies that sell parts for repair at the time of accident
- The future generation doesn’t know how to fix things—check out Nuts, Bolts & Thingamajigs as a solution
- In 2018—the insurance industry had $46 billion in loss claims
- In the last 3 years, the average cycle time from contact to inspect has dropped 1.5 days
- Insuretech typically means VC-funded—and a smaller, younger team
Fourseventy Claim Management