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 industry trend involves using wearable technology to document bodily injury claims more accurately?
Answer: Biometric data integration
Wearable devices can capture biometric data such as activity levels and vital signs, providing objective evidence in bodily injury claims.
How does robotic process automation (RPA) most commonly assist claims adjusters?
Answer: By automating repetitive data entry tasks such as policy lookups and payment processing
RPA bots handle high-volume, rule-based tasks like data entry and status updates, freeing adjusters to focus on complex claim decisions.
What is 'augmented reality' being piloted for in property claims?
Answer: Overlaying repair cost data and damage annotations onto real-world images during inspections
AR tools allow adjusters to annotate live camera views with damage measurements and cost data, improving inspection accuracy.
Which trend describes carriers partnering with contractors to offer immediate repair services as part of the claims experience?
Answer: Managed repair programs
Managed repair programs connect policyholders with pre-approved contractors, streamlining repairs and often reducing claim costs and cycle time.
What challenge does 'dark data' present for insurers seeking to leverage innovation?
Answer: It consists of unstructured, unanalyzed data that is collected but not utilized
Dark data is information insurers collect but never analyze; harnessing it can reveal trends, fraud patterns, and operational inefficiencies.
How is 'natural language processing' (NLP) being applied in claims departments?
Answer: To automatically extract key information from claim notes, medical records, and emails
NLP enables systems to read and interpret unstructured text documents, accelerating data extraction from medical reports, emails, and claim narratives.
What is the primary benefit of using electronic proof of loss (ePOL) platforms for catastrophe claims?
Answer: They allow policyholders to submit required documentation digitally, reducing paperwork delays
ePOL platforms digitize the documentation submission process, significantly reducing processing time during large-scale catastrophe events.