CA Industry Trends & Innovation 3

Question 1

Which innovation allows policyholders to submit photos of vehicle damage via a smartphone app for AI-driven repair cost estimates?

Accepted Answer

Photo-based AI estimating tools

Answer

Photo-based AI estimating tools analyze submitted images to generate repair cost estimates, reducing cycle times and desk-review costs.

Question 2

How does the Internet of Things (IoT) benefit property insurers during the claims process?

Accepted Answer

Sensor data provides objective evidence of when and how damage occurred

Answer

IoT sensors (e.g., water leak detectors, smart thermostats) can provide timestamped data that objectively documents loss events.

Question 3

What is 'claims triage' in an AI-driven environment?

Accepted Answer

Automatically categorizing claims by complexity to route them to the appropriate handling channel

Answer

AI-driven triage scores claims at intake and routes simple ones for automation while directing complex ones to experienced adjusters.

Question 4

Which regulatory development has emerged specifically in response to AI use in insurance claims?

Accepted Answer

State guidance requiring explainability and fairness in algorithmic claims decisions

Answer

Regulators have issued guidance requiring that AI-based claims decisions be explainable, auditable, and free from unfair discrimination.

Question 5

What role does 'digital twin' technology play in claims innovation?

Accepted Answer

It creates a virtual model of a property to simulate damage scenarios and repair costs

Answer

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.

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