The claims industry is navigating a lot of change right now in the face of inflation, growing climate volatility and an ongoing talent shortage, but of all the disruptive factors, Lemonade’s Chief Claims Officer Sean Burgess says generative AI is the biggest.
Executive Summary
Artificial intelligence is presenting challenges as well as opportunities for insurers as they seek to embrace innovation, drive efficiency, and even use tech tools to assist with talent recruitment and retention. Claims executives share their thoughts on how insurers can use these tech tools to their advantage while still maintaining the human touch the industry has built its reputation on.“Let’s call out the biggest one for any industry, and that’s generative AI,” he said. “Simply stated, everything is changing…everything.”
He added that each component of a claim, whether it’s first notice of loss, investigation, negotiation, settlement or payment, will likely be impacted by generative AI in ways the industry hasn’t quite grasped yet.
“The speed, accuracy and efficiency it is bringing is like nothing the industry has experienced,” he said. “You don’t want to be the ones left behind here, that’s for sure.”
