Mitchell International has released its Industry Trends Report (ITR) for the third quarter of 2017.
In this edition, Mitchell executives share insights on how combining artificial intelligence and augmented reality can lead to new opportunities, how “smart” technology is impacting auto claims workflows, and how insurers combine data with expertise to optimize the claims process.
How Augmented Reality and Artificial Intelligence Are Changing Insurance
According to Robert Scoble and Shel Israel, authors of “The Fourth Transformation,” we are entering a new stage in technology transformation, one in which augmented reality and artificial intelligence are merging, and smart glasses are leading the way. For the Property & Casualty and Collision Repair industries, smart glasses may change the way people in the insurance ecosystem work – streamlining workflows, ensuring complex vehicle repairs are done correctly, and possibly reinventing the healthcare paradigm.
Auto Physical Damage Edition
In this edition of the ITR, Alex Sun, President and CEO of Mitchell, discusses how in the future the combination of augmented reality and artificial intelligence, particularly computer vision, may be able to take real-time information about an environment, evaluate against known information and push immediate guidance to the end-user. While the full potential of these technologies is still a long way off, they have valuable applications for the broad P&C claims ecosystem.
The P&C industry has been buzzing for some time about the emergence of “smart” technology entering the claims workflow—from natural language processing to machine learning and artificial intelligence—the frequent tech talk has left many wondering what’s next? While, artificial intelligence promises to be transformational over the long-term, it must first gain traction by making tangible improvements that expedite and simplify the auto claims workflow.
In this ITR article, Olivier Baudoux, Vice President, Global Product Management, Auto Physical Damage Solutions, discusses a few of the challenges artificial intelligence is poised to help carriers overcome, like improving claims outcomes while simultaneously absorbing a heavier workload and maintaining estimate accuracy and repair quality.
Today’s insurance carriers are constantly working to capitalize on the growing volume and velocity of information being generated and collected in their claims systems and operational databases, however, it is often a challenge to do so. While the overabundance of data can be an asset, without the professional expertise to turn this disparate data into actionable optimization and measurable intelligence, the data is powerless. With property and casualty being a dynamic and consistently evolving industry, carriers are discovering the need to boost the results from targeted claims data analytics by combining the data with a consultative approach to claims management. The potential advantages to be gained from this convergence are substantial, ranging from the pure economics to the ability to outperform in your industry.
In this ITR article, Michele Hibbert-Iacobacci, Vice President, Information Management and Support, Mitchell Casualty Solutions and Ed Olsen, Director, Claims Performance Consulting, Mitchell Casualty Solutions discuss the importance of insurance carriers and organizations acquiring the available tools, techniques and personnel with the right knowledge and expertise to leverage vast amounts of data effectively.
More information is available at Mitchell.com/industry-trends-reports.