Industry Trends & Innovation Flashcards
7 cards from real CA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Industry Trends & Innovation flashcards as text
Which innovation allows policyholders to submit photos of vehicle damage via a smartphone app for AI-driven repair cost estimates?
Answer: Photo-based AI estimating tools
Photo-based AI estimating tools analyze submitted images to generate repair cost estimates, reducing cycle times and desk-review costs.
How does the Internet of Things (IoT) benefit property insurers during the claims process?
Answer: Sensor data provides objective evidence of when and how damage occurred
IoT sensors (e.g., water leak detectors, smart thermostats) can provide timestamped data that objectively documents loss events.
What is 'claims triage' in an AI-driven environment?
Answer: Automatically categorizing claims by complexity to route them to the appropriate handling channel
AI-driven triage scores claims at intake and routes simple ones for automation while directing complex ones to experienced adjusters.
Which regulatory development has emerged specifically in response to AI use in insurance claims?
Answer: State guidance requiring explainability and fairness in algorithmic claims decisions
Regulators have issued guidance requiring that AI-based claims decisions be explainable, auditable, and free from unfair discrimination.
What role does 'digital twin' technology play in claims innovation?
Answer: It creates a virtual model of a property to simulate damage scenarios and repair costs
A digital twin is a virtual replica of a physical asset that allows adjusters to model damage and estimate repair costs without repeated site visits.
Carriers increasingly use 'usage-based insurance' (UBI) data in auto claims to:
Answer: Reconstruct driving behavior before an accident to determine fault
UBI telematics data records speed, braking, and location, helping adjusters reconstruct events and determine fault in auto liability claims.
What is the significance of 'cloud-based claims platforms' for multi-state adjusting operations?
Answer: They enable real-time data sharing and collaboration across geographic boundaries
Cloud platforms centralize claim data, enabling adjusters, vendors, and supervisors in different states to collaborate in real time.