Rob Evans, director of claim process technology at Broadspire spoke recently on the
Data analytics have shown value in loss prevention as well as pre-loss and post-loss considerations, Evans said. The harnessing of big data has also allowed for more benchmarking and comparison to industry averages and best in class programs. There has been an evolution in the visualization of data in various forms, he said.
He added that applying AI to the claim process can help reimagine client claim reviews, while not overwhelming claim operations staff with notification fatigue.
"Even the best in class programs we've seen will inevitably have some room for additional improvement. The only constant is change. So even if you've got things optimized, you got to really stay on top of things. And this is where bringing in the AI component is super helpful when it comes to any improvement opportunities."
With the evolution of data visualization and analytics, there is also an ability to drill down and uncover opportunities, which can allow for more targeted investment
"When we talk about AI, I like to think of the claims process like cooking where AI provides some of the ingredients for the various recipes. ... Now there's lots of other AI ingredients too, but predictive models and LLMs are providing a couple of the key ingredients that we use to serve up quality claim outcomes. Continuing my corny food metaphor here, people at a restaurant like to order up different dishes or want some customizations made to their order. So if we think of data analytics as a menu, AI lets us think about ways to create the most delicious dish we desire, like finding litigation or closure opportunities that align with achieving the executive's concept of success," Evans said.
