CA Industry Trends & Innovation 2 — Questions and Answers
Question 1: Which technology enables adjusters to conduct remote property inspections using live video feeds from a policyholder's smartphone?
- Blockchain ledger
- Virtual desktop infrastructure
- Synchronous video claims handling (Correct answer)
- Robotic process automation
Correct answer: Synchronous video claims handling
Synchronous video claims handling allows adjusters to guide policyholders through live video inspections, reducing the need for in-person visits.
Question 2: Parametric insurance products differ from traditional policies primarily because they:
- Require more detailed damage documentation
- Pay a preset amount when a trigger event occurs regardless of actual loss (Correct answer)
- Only cover named perils
- Rely on independent appraisers for every claim
Correct answer: Pay a preset amount when a trigger event occurs regardless of actual loss
Parametric insurance pays a predetermined amount when a defined trigger (e.g., earthquake magnitude) is met, bypassing traditional loss adjustment.
Question 3: What does 'straight-through processing' mean in the context of modern claims handling?
- Filing claims directly with the state insurance department
- Automatic claim resolution without human intervention (Correct answer)
- Requiring claimants to submit all documents in person
- Processing claims through a single adjuster from start to finish
Correct answer: Automatic claim resolution without human intervention
Straight-through processing uses automation to resolve simple claims end-to-end without adjuster involvement, increasing efficiency.
Question 4: How is predictive analytics primarily used by claims departments today?
- To replace state-mandated coverage requirements
- To identify claims likely to involve fraud or litigation early (Correct answer)
- To set statutory reserve minimums
- To eliminate the need for independent medical examinations
Correct answer: To identify claims likely to involve fraud or litigation early
Predictive analytics flags high-risk claims for fraud or litigation early in the process, allowing adjusters to allocate resources appropriately.
Question 5: Which emerging trend involves using satellites and aerial imagery to assess catastrophe losses before adjusters are deployed to the field?
- Blockchain tokenization
- Remote sensing and geospatial analytics (Correct answer)
- Dark data mining
- Augmented reality overlays
Correct answer: Remote sensing and geospatial analytics
Remote sensing and geospatial analytics use satellite or aerial imagery to rapidly assess widespread damage after natural disasters.
Question 6: InsurTech startups most commonly disrupt the claims process by:
- Lobbying for lower state premium taxes
- Offering technology-driven solutions that accelerate claim resolution (Correct answer)
- Replacing state guaranty funds
- Eliminating the need for reinsurance treaties
Correct answer: Offering technology-driven solutions that accelerate claim resolution
InsurTech companies leverage AI, mobile apps, and automation to speed up claims settlement, often challenging traditional carrier workflows.
Question 7: What is the primary goal of 'first-call resolution' strategies in claims handling?
- Denying claims on the first contact to reduce costs
- Settling or substantially advancing a claim during the initial claimant contact (Correct answer)
- Requiring claimants to call back with additional documentation
- Routing all calls to a licensed attorney
Correct answer: Settling or substantially advancing a claim during the initial claimant contact
First-call resolution aims to resolve or significantly progress a claim during the initial contact, improving customer satisfaction and efficiency.
CA Industry Trends & Innovation 2
Which technology enables adjusters to conduct remote property inspections using live video feeds from a policyholder's smartphone?