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.

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

Insurance Fined For Playing Devil’s Advocate

When dealing with a claim, Insurance Companies would usually hire a Loss Adjuster who would actually seem independent but are actually paid for and only work for the Insurance Company. This means that when the Adjuster's time come to adjust your loss, they would be working with a small bias

Navigating Insurance Claims After Hurricane Irma

Navigating Insurance Claims After Hurricane Irma

According to the Association Of British Insurers, claims that need to be covered by UK based underwriters from Hurricane Irma could be as much as £10 to £20 billion. It is also estimated that only 12 percent of homeowners affected have adequate flood damage and storm damage insurance.

Jeweller only offered 50% worth of claim by Insurer for stolen jewellery

Jeweller only offered 50% worth of claim by Insurer for stolen jewellery

An owner of a jewellery store has had £2,225 worth of goods stolen in February. After contacting the insurers (Legal and General) looking to claim. Their insurance only offered them £1,257 in cash to replace what they had. Or the absurd offer of vouchers in full amount to use in a different jewellery store. 

WannaCry Ransomware push Cyber Insurance Claims

WannaCry Ransomware push Cyber Insurance Claims

Ransomware: WannaCry Ransomware are particularly nasty viruses that infect computers over the network and lock your personal data. Afterwards they demand a ransom fee to unlock all your data usually by the cryptocurrency "bitcoin". The biggest Ransomware attack just occurred in the begging of this month. 

Anger as Insurer reject Maesteg family’s flood claim.

Anger as Insurer reject Maesteg family’s flood claim.

An Insurance Company has been accused of "giving the industry a bad name" for rejecting a Flood Damage Insurance Claim by a family whose home was hit by flooding near Bridgend. How Insurance Companies Operate Insurance Companies can often interrogate you and make you feel like you are the one to blame.