The Future of Insurance Claims: How the Field Claims Adjuster Can Prepare for More Extreme Weather Events
Claims Adjuster
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As the impacts of climate change intensify, the insurance industry is facing unprecedented challenges in managing the increasing number and severity of weather-related claims. Claims adjusters play a crucial role in assessing and settling these claims, and must adapt to this rapidly evolving landscape. If you’re a field adjuster, be sure to read the helpful tips provided below.
Understand the Science and General Impacts of Climate Change
Know That the Insurance Industry Is Regularly Assessing and Responding to Climate Change
Monitor the Insurance Industry's Risk Mitigation Efforts
Be Aware of Two Potential Challenges You Face as a Property Claims Adjuster
1. Larger Workloads – As the number of extreme-weather-related claims increases, claims adjusters are facing mounting pressure to settle more claims than ever before. (For example, the number of available licensed field adjusters after a hurricane is often significantly lower than the number needed.)
2. Demanding Assignments – You may encounter new challenges in assessing and quantifying damages caused by extreme weather events, particularly in cases where the impacts are unprecedented or involve complex interactions between multiple hazards (e.g., a hurricane followed by flooding and landslides).
One way to effectively navigate these two challenges is to adopt new tools – particularly ones that will help you adapt to the changing landscape of insurance adjusting.
Learn How to Implement Advanced Claims Processing Tools
To handle the anticipated increase in claim volumes and complexities, look into leveraging advanced technologies in your insurance claims processing workflows. Here are four examples of innovative claims strategies you can use:
Artificial Intelligence (AI)
When used for the purpose of claims process automation, AI can help you increase your productivity. It does this by automating various tasks, such as fraud detection, freeing you up to focus on more complex aspects of the claims process.
Learn more: AI for Claims Adjusters: Boosting Efficiency with 10 Key Examples
Drone Technology
Drones are becoming invaluable tools for rapid assessment and processing of loss claims. Drones can quickly capture high-resolution imagery and data from hard-to-reach or hazardous areas, providing a comprehensive view of the damage without you having to put yourself at risk.
Remote Sensing
Remote-sensing satellites can be allies by providing real-time disaster monitoring. This is especially helpful in disaster areas, such as flooded neighborhoods, that make it difficult for you to get a quick and accurate picture of losses.
A Floor Plan App for Faster Documentation
For home-insurance and commercial-property-insurance claims specifically, a floor plan app (a type of insurance claims software) can be an ideal tool for streamlining the documentation process. By allowing you to capture detailed room dimensions and property features quickly and accurately, a floor plan app can significantly speed up the documentation process.
Look for an app that is loaded with a variety of helpful features. For example, the magicplan app:
allows you to create detailed sketches of residential and commercial property losses quickly and accurately, using AI technology and augmented reality (AR) technology
helps you tell a complete and accurate story of any property loss by allowing you to enhance your sketch with photos, annotations, checklists, etc.— all organized in one place
creates 360-degree panoramas without needing additional hardware
works offline, allowing you to capture job information without disruption, and without worrying about your information being lost
can send your sketches and photos instantly to Xactimate and CoreLogic estimating tools
helps you share facts of a property loss in real time with other parties (e.g., syncing with office personnel), to enable faster, more confident decisions
generates professional reports instantly
Wrap-Up
As the impacts of climate change intensify, the insurance industry must adapt to the increasing quantity and severity of weather-related claims. Claims adjusters like you play a critical role in this adaptation process, serving as the frontline in assessing and settling these claims. By understanding the science and impacts of climate change, staying up to date with industry risk assessments and mitigation efforts, navigating key challenges, and embracing advanced property adjuster tools, you can position yourself to handle claims efficiently and effectively in the face of more extreme weather events.
RELATED READING:
Understanding the Property Claims Services (PCS) Index: A Guide for Adjusters in Times of Disasters
