The future of Insurance Claims and use of Technology

The technology industry is growing at unprecedented rate, the amount of innovation created in the UK’s booming tech cities is paving the way for future companies to use. Words like Artificial Intelligence (AI) & Machine Learning can be thrown around a lot when it comes to defining modern technologies which can be used to learn about human behavior and interaction.

Many companies and industries can benefit from this technology and give them the ability to improve their service. The Insurance industry has taken a big interest in using some of this technology for their own benefits which can shape how we take out Insurance Policies and the process if we have to Claim.

Using AI for Risk taking on policies

Insurance Companies have been collecting Claims data about their customers for many years. They are already using specialist algorithms to establish whether their customers live in a “High Risk” area. A good example would be a village or city that is more likely to receive flash floods.

But they can take this one step further and start using AI to predicting upcoming trends which may affect the price of the policy

Human Autonomous Interaction

Voice recognition software can be used to learn and process what a person is saying while also determining their mood and tone. Most of the time when you call your Insurer you will be greeted with automated message asking you to go through multiple options. Well they can use this opportunity to collect additional data about you and your voice that they can use.

Insurance And Technology Companies are teaming up together to develop voice recognition software that could potentially predict if a person is lying which might prevent Insurance Fraud. But they can also speed up the process of a Claim by providing the required information to the back-end claims team at a faster rate who would then handle the process.

The Issues

Often times when a Customer has been effected by Fire, Flood or Impact Damage, It can be a daunting process when choosing to Claim from your Insurance Company.

There are fears that technology removes the emotional factor when it comes to communications. The concern is that if you are in dire state where you require assistance when making an Insurance Claim, you could often feel isolated and left out.

Insurance Claims Handling

Choosing an Insurance Claim Handling company can help remove the stress by handling all communications on your behalf with the Insurance Company. They will also manage all meetings and quantify the claim while you can concentrate on your family of business. Their goal is to help you receive everything you are entitled to.

Families on Summer holiday leave homes at risk

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Office for National Statistics shows that 42% burglaries in England & Wales have taken place when the occupants were not in their household.  And M&S Bank revealed that on average holidaymakers leave their home unoccupied for 10 days during the summer. 

With the summer at its peak most of us would be on holiday or at least planning to go soon. The issue is that many homeowners have not planned any  security precautions and is often overlooked.

Does my Insurance policy cover burglary?

Your home insurance should be covered by burglary but often the case there is many scenarios which could lead to your Insurance Claim being rejected by insurers. 

Long holidays

Your policy states that long extensive holidays where your home is left unoccupied for more than 30 consecutive days can lead to a repudiation.

Security

Most policies state that homes should be protected by a minimum level of security. This generally includes deadlocks on external doors and locks on accessible windows. Having security systems like burglar alarms and CCTV can often lower your insurance cost and also provide you with the extra security to prevent burglars. In the event of a claim you will have a higher chance of being paid out as you have shown adequate effort to secure your home.

Our thoughts 

Our advice is to be accurate with your insurance provider. If you have mentioned to them that you have a burglar alarm and is required in policy. Not doing so may lead to a repudiation in your claim. Always forget to set the alarm every time you leave your home. Never use a dummy alarm as this will not reduce your insurance premium. 

Check your policy that you are covered for high-value items. For certain high-value items, additional cover may be required to protect them in case of an incident.


Top 6 things you can do to deter burglars while you are away.

  • Motion Lights - Install affordable motion-activated security lights in your garden or front entrance.
  • Keep all windows and doors locked
  • Pretend you are home -   Install Energy Saving bulbs and keep one on or install timers 
  • Keeping Tabs - Ask a friend ,neighbor or relative to keep an eye or check your home every once in a while.
  • Keys - Don't leave any spare/hidden key
  • Social Media - Beware of social media, your privacy on the internet and can be observed by anyone. Next time, think when posting a nice picture of you on the beach or at the airport.

If you have had a recent home burglary and are looking to claim. call us on 0333 2101 999. 

Click here for more info on Domestic Burglary Claims

Oakleafe Claims Sponsor Middlesex Wanderers tour after Hurricane IRMA

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Oakleafe.Claims Proud sponsors of the Middlesex Wanderers who are touring Turks & Caicos to play the TCIFA national side in support and solidarity after Hurricane IRMA. Oakleafe are Public Adjusters Helping The Island To Recover from Storm Damage.

Who are Middlesex Wanderers A.F.C?
Middlesex Wanderers Association Football Club founded in 1905 they have visited more than 40 countries and have played against the national sides of many of them, including Japan, Nigeria, and South Korea, as well as clubs like Ajax, Barcelona, and Bayern Munich. Their objective is to promote friendship and good sportsmanship between the UK and other countries.

Their current tour is: Hurricane Irma Solidarity Through Sport Tour

Besides from playing two matches on the island, one with the TCIFA National Side and one against the Champions Team. The players and coaches will also get the opportunity to provide football coaching sessions for the local children. 

Gallery

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Fire Hazard! Number Of Failing Appliances On The Rise

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I just had a Fire or a Flood and I need to Claim, What should I do?

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Insurance claims – 1 in 5 Claims Repudiated

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A Short guide to flood recovery

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Characteristics of fire and smoke and fire damage insurance claims

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Insurance Company Complaints on the Rise!

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