In this edition of “Focus”, looks at trends in “Claims Management with Rohit Verma, Global Chief Operating Officer of Crawford & Company, where the process is tailored to the needs of industries using a combination of technology and people on the ground.

At the January 1 renewals, insurance companies did not see much difference in the rates they were getting from the market. The lack of rate will force carriers to improve their expense base and loss costs in order to achieve acceptable profits. Mr. Verma believes this will put claims managers under a lot of pressure to “do a lot more with a lot less.”

Mr. Verma says customers are getting more savvy, and the expectations of customers from different generations can be very different. It is an interesting dilemma for those involved in claims management as they try to bridge that gap.

“Data is the new currency.” With artificial intelligence (AI) and robotic process automation (RPA) hold promise for greater efficiency and effectiveness in the claims management process. Blockchain, too, holds a lot of promise, however it is still in the “lab” and is not affecting claims today.

Crawford’s mission is to restore and enhance lives, businesses and communities. Crawford looks at its offerings as end-to-end solutions, from First Notice of Loss (FONL) to claims resolution. Mr. Verma describes Crawford’s approach to industry verticals in Hospitality and Transportation, using sensors, telematics, and resources like WeGoLook, which combines technology with an on-demand workforce (lookers) to gather and validate information anytime, anywhere.

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