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Is Technology Creating Gaps in Insurance Knowledge?

CLM Fellows and Members share their thoughts on technology and industry knowledge

September 14, 2022 Photo

Do you think technology is creating gaps in industry knowledge? If so, in what way?

“Yes and no. Technology affords us ready access to information that would otherwise be laborious to ascertain. Today’s databases and AI capabilities provide robust research results with less work and in less time, which can save our clients money. On the flip side, as technology progresses, there is a risk of less personal interaction, leading to an inability to efficiently resolve claims.”

Jeffrey Miragliotta, Partner, Coffey Modica O’Meara Capowski LLP. CLM Member since 2017.

“Our industry, by and large, is one that thrives on the human connection and through discussions about nuanced policy considerations and litigation strategies. So, yes, I think gaps do exist because, by necessity, we rely very heavily on written communications. However, we cannot forget to pick up the phone or hop on the dreaded Zoom conference and talk through the issues so that we don’t allow the gaps to grow.”

Alicia Kennon, Partner, Wood Smith Henning & Berman LLP. CLM Member since 2015.

“Yes, for some. Gaps in knowledge can be created with less human interaction; yet technology and analytics, for the majority, are helping narrow and bridge gaps quickly. Advanced algorithms and AI can process the data at lightning speed. An inadequate budget or a lack of appetite for advances in technology may grow gaps in knowledge exponentially. So, stay informed about and connected to cutting-edge technology to eliminate and narrow the gaps.”

Brett Kelley, Senior Special Investigator, SIU, Liberty Mutual. CLM Fellow since 2013.

“In many respects, technology is actually enhancing industry knowledge. GB resolution managers, client service leaders, and data scientists are utilizing our proprietary technology and decision-support tools to analyze 50+ years of data to make quicker and more informed recommendations around reserving, settlement evaluations, prioritization of claims, retention of counsel, and other issues yielding superior claims outcomes. Those using technology as a substitute for, rather than as a tool to empower, great claims talent are the ones who might suffer a gap.”

Caryn Siebert, VP - Carrier Practice, Gallagher Bassett Services. CLM Fellow since 2009.

“I believe there is a risk in leveraging technology to automate the processing of high frequency, low complexity claims transactions by reducing the opportunities for new claims professionals to build experience to be able to manage the higher complex exposures. While technology provides benefits in operational efficiency and service delivery, it also poses a significant challenge in how organizations develop their newer, inexperienced talent.”

Michael Cline, Managing Director and Insurance Sector Claims Leader, Deloitte Consulting LLP. CLM Fellow since 2022.

 

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About The Authors
Fran Clark

Fran Clark is SME Manager at CLM.  fran.clark@TheCLM.org

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