Emerging technologies such as the Internet of Things (IoT), blockchain, machine learning, automation/chatbots, augmented/virtual reality, personalisation, drones and remote sensing are reshaping the claims space. Generative artificial intelligence (AI) has huge applications for data analytics, fraud detection and claims processing, allowing insurers to create consistencies in claims handling and quickly digest First Notification of Loss data. AI can also help firms to understand and predict claims trajectories and address root causes of claims inflation. Challenges exist, and effective regulation is needed to realise the benefits of AI, but customer service must remain at the heart of the claim.
