claims processing News

Insurance Market Lloyd’s of London Returns to Profit, Braces For Coronavirus

Lloyd’s of London reported its first annual pretax profit in three years on Thursday, thanks to tighter underwriting and robust investment returns, and signaled it was well prepared to cope with the cost of the coronavirus pandemic. The 330-year-old insurance …

Viewpoint: Streamlining Claims Processing with Intelligent Process Automation

In recent years, the insurance industry has seen an influx of new market entrants seeking to disrupt and reinvent specific business segments by launching new products and services free of the expense and overhead of “traditional” players. These digital “insuretechs” …

Move Over Adjusters and Underwriters, the Bots Are Coming

As more bots handle claims and perform underwriting tasks, should human employees be concerned? Industry experts say there’s no need to worry. Insurers in the U.S. and overseas are exploring the use of chatbots in their operations. According to Dawn …

Zurich Uses Robots for Personal Injury Claims Document Review

Zurich Insurance is deploying artificial intelligence in deciding personal injury claims after trials cut the processing time from an hour to just seconds, its chairman said. “We recently introduced AI claims handling … and saved 40,000 work hours, while speeding …

Auditors: Louisiana Risk Management Privatization Saved $10M

Louisiana has saved more than $10 million in the first two years of a privatization contract for claims processing and loss prevention services for the Office of Risk Management, auditors told lawmakers Thursday. Members of the Legislative Audit Advisory Council …

BP Agrees to Relax Requirements for Claims

BP has agreed to relax several documentation requirements regarding the submission of claims filed after the 2010 oil spill in the Gulf of Mexico. Plaintiffs’ attorney Steve Herman and Jim Roy said in a statement Tuesday that the changes will …