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 trend focuses on using AI chatbots to handle the initial claim intake and triage process?
Answer: Conversational AI claims intake
Conversational AI chatbots guide claimants through the initial reporting process, gathering information and routing claims before human adjusters are involved.
How does climate change most directly affect catastrophe claims innovation strategies?
Answer: It drives investment in predictive modeling and faster deployment tools to manage increasing CAT frequency
Increasing catastrophe frequency due to climate change is pushing carriers to adopt faster deployment, AI triage, and better predictive modeling.
What does 'claims leakage' refer to in the context of analytics and innovation?
Answer: Overpayment or missed recoveries that reduce claim profitability
Claims leakage refers to preventable overpayments, missed subrogation, or errors that erode profitability, which analytics helps identify and reduce.
Which emerging technology is being explored to create immutable, tamper-proof claim records and reduce fraud?
Answer: Distributed ledger (blockchain) technology
Blockchain creates an immutable chain of records that can verify claim history, policy details, and payment transactions, reducing fraud opportunities.
How do 'ecosystem partnerships' between insurers and technology vendors change the adjuster's role?
Answer: They shift adjusters toward higher-value tasks like negotiation and coverage analysis as routine tasks are automated
As automation handles routine tasks, adjusters increasingly focus on complex decision-making, empathy-driven customer interactions, and coverage analysis.
What is the purpose of 'real-time weather data integration' in property claims handling?
Answer: To correlate storm event data with reported claims to verify cause and timing of losses
Integrating real-time weather data allows adjusters to objectively verify that reported storm damage aligns with actual weather events at the claim location.
Which trend reflects carriers offering policyholders app-based self-service portals to track claim status, upload documents, and communicate with adjusters?
Answer: Digital self-service claims portals
Digital self-service portals empower policyholders to manage their claims experience transparently, reducing inbound call volume and improving satisfaction.