Pandemic spurs technological growth in insurance industry

Pandemic spurs technological growth in insurance industry

Technology growth has not always been a priority in the insurance industry. “We’re a slow industry to embrace things sometimes, dare I say it,” said Don Griffin, vice president of personal lines insurance for the American Property Casualty Insurance Association.

The industry has adopted disaster modeling to predict the severity of events and to handle claims. The use of technology was increasing before the pandemic, but it accelerated during quarantines for processing claims, experts say. This modeling gives agents an idea of ​​the severity of the damage on a sitesaid Tom Larsen, director of industrial solutions at CoreLogic. “Weather forensics” determines what happened in a specific location rather than half a mile away.

“The influence of [COVID-19] was to accelerate this technology, which was moving like a glacier, ”Larsen said. Using catastrophe modeling for claims is preferable for policyholders because insurers can process claims more efficiently and at lower cost, getting money…

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