Questions related to InsurTech and claims

McShane, Michael

Pinto, C. Ariel

English

Tahami, Hesamoddin

Fakhravar, Hengameh

Old Dominion University

Old Dominion University ODU Digital Commons Developing Technology Foresight: Case Study of AI in InsurTech Open Course Materials 2022 InsurTech and Claims Michael McShane Old Dominion University C. Ariel Pinto Old Dominion University Follow this and additional works at: https://digitalcommons.odu.edu/oer_developingtechnologyforesight  Part of the Artificial Intelligence and Robotics Commons, and the Insurance Commons Repository Citation McShane, Michael and Pinto, C. Ariel, "InsurTech and Claims" (2022). Developing Technology Foresight: Case Study of AI in InsurTech. 8. https://digitalcommons.odu.edu/oer_developingtechnologyforesight/8 This Special Topics is brought to you for free and open access by the Open Course Materials at ODU Digital Commons. It has been accepted for inclusion in Developing Technology Foresight: Case Study of AI in InsurTech by an authorized administrator of ODU Digital Commons. For more information, please contact digitalcommons@odu.edu. AcknowledgementsThis material was made possible through a grant fromthe Spencer Educational Foundation. Studentsinterested in pursuing a career in Risk Managementand Insurance may be eligible to apply for a SpencerScholarship. To learn more,visit: www.spencered.org.2INSURTECH AND CLAIMSInsurTech is a major disruptive issue facing the insurance  industry.Refer to the “Quarterly InsurTech Briefing Q4 2019 Willis Towers Watson” (https://www.willistowerswatson.com/en-US/Insights/2020/01/quarterly-insurtech-briefing-q4-2019 ) document to answer questions on the following slides.Note that questions related to this document can appear on exams, so make sure you read the document and answer the questions.3InsurTech and Claims (continued)1.What are some very complex issues that have been thrown at (re)insurers in the last few years? 2.What did Next Insurance begin as, what has it been acquiring, and what has it been issuing? 3.Detection/alert technology provides advance warning of events. What does that reduce?4.Is Telematics a technological facilitator for Detection/Alert in the claim process? 5.What does FNOL stand for? 6.Is Telematics a technological facilitator for FNOL in the claim process? 7.Are Chatbots a technological facilitator for FNOL in the claim process? 4InsurTech and Claims (continued)8. What do RPA and AI stand for? 9. Are RPA and AI technological facilitators for FNOL in the claim  process?10.It is also clear from tested results that claim triaging (especially for larger carriers) can be better handled by what technologies?11.What are two technological facilitators for the third-party verification of event function in the claim process?12.What are drones being increasingly used to access during the third-party verification of event function in the claim process? 5InsurTech and Claims (continued)13.What do NLP stand and ML stand for? 14.What four technological facilitators are being used for the “Review of policy wording exclusion/limit details” function of the Policy review claims process? 15.What makes parametric insurance possible? 16.With the emergence of parametric insurance, what can customers living in “at-risk” areas do, how are premiums calculated, and how are claims payments triggered? 17.As extreme natural events become more common in certain areas, what can parametric insurance remove the need for and offer? 6InsurTech and Claims (continued)18.What kind of company is Metromile, what did it establish itself at the forefront of, and at the point of what? 19.What technology does the Metromile Enterprise proprietary claim platform use?20.How does the Metromile Enterprise claim platform improve the company’s loss ratio?21.What does Global Parametrics use parametric indexes to do? 22.What are Global Parametrics solutions not based on and are primarily provided as?  Not in document: What are over the counter derivatives?Over the counter (OTC) derivatives are derivatives that do not have standardized terms and they are not listed on an asset exchange. In other words, customized derivatives.7InsurTech and Claims (continued)23. What is captive insurance? “A captive is a licensed insurance company fully owned and controlled by its insureds (typically a company) – a type of “self-insurance” (which is a type of risk retention, not insurance). Instead of paying to transfer risk to acommercial insurer, the owner (company) invests their own capital and resources, assuming a portion of the risk. Who assumes the remaining risk? A “reinsurance” company.” Source: https://epicbrokers.com/insights/what-is-captive-insurance/24. What has Adjoint radically improved, in what insurance system, and through the development of what type of platform? 25. What technology does a distributed ledger platform use?  Blockchain (not answered in document so I answered here)26. What has the existing complex structure of captives resulted in? 27. What does captive insurance require and how can significant time and resources be saved?  28. If the captive management team could post the required information, what can the reinsurer and regulator do?8InsurTech and Claims (continued)29.What does Munich Re’s Remote Industries use  to provide a more cost-effective way for carriers to manage hurricane and tornado claims?30.Overall, what is the trend, especially in property insurance, for dealing with risk, what will insurance providers broaden into, and what about the “good ole days” is unlikely to remain? 31.Auto claims can be “complex to automate” because what can one auto claim often represent and what are examples of the variety of claim types?32.What can NLP tap into? 33.What is unstructured data? “Unstructured data is information that is not arranged according to a pre-set data model or schema, and therefore cannot be stored in a traditional relational database.” What are examples? Text and multimedia are two common types of unstructured content. Many business documents are unstructured, as are email messages, videos, photos, webpages, and audio files.” Source: https://www.mongodb.com/unstructured-data

InsurTech and Claims

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