Insurance Business ReviewNOVEMBER 20236Copyright © 2023 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Managing EditorRaven Mcguire*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffEditorial StaffAaron Pierce Ava GarciaAlex D'Souza Abhinov PunnakkalJoshua ParkerSarah FernandesEditorialRaven McguireManaging Editoreditor@insurancebusinessreview.comThe claims-adjusting industry is transforming, primarily propelled by technological advancements. AI, ML, and data analytics have been instrumental in the rapid growth of this evolving landscape. These technologies streamline the intricate claims processing procedures, enhance accuracy, and ultimately elevate the customer experience. The advent of insurtech companies, challenging and reshaping traditional claims-handling methods, has further accentuated this wave of innovation. In addition, the industry's reliance on data and analytics has undergone a seismic shift. Insurers and adjusters are now harnessing the power of big data and predictive analytics to assess risk, swiftly detect fraudulent activities, and make more informed decisions. This data-driven approach gives them deeper insights into the intricate web of claim patterns and emerging trends.In parallel, digitalization and automation have become integral components of the claims ecosystem. Mobile applications, online claims reporting, and digital documentation have seamlessly woven into industry operations' fabric. This transformation has curtailed the burdensome paperwork and expedited the claims processing lifecycle. Insurers and adjusters must embrace these trends and factors to remain relevant and competitive in this dynamic landscape. Emphasis should be on continuous training and education for claims adjusters. This is imperative to ensure they are well-equipped to navigate the ever-changing terrain of evolving technology, intricate regulations, and industry best practices.This edition of Insurance Business Review features the prominent claims adjustment companies that have emerged as the forerunners in the industry despite the market challenges and roadblocks. It covers Schneider & Associates, a comprehensive claim-adjusting company that emphasizes managing a high volume of claims for its clients, acting as an extension of the carrier's brand. Having a team with extensive knowledge about insurance workflows, the company ensures precise handling of assignments, offering clients a valuable sense of reassurance.It also includes the valuable perspectives of Michele Adams, vice president of Walmart Claims Services, and Kimberly Clifford, director of Claims Management at EMCOR Group. They share their views on the current state of the claims-adjustment market, its challenges, and its prospects.Let us know your thoughts!Tech-Driven Transformation:The Evolution of the Claims-Adjusting IndustryVisualizerMichael WayneVictor CruzNOVEMBER - 02 - 2023, Vol 02 Issue 08 (ISSN 2837-1763) Published by ValleyMedia, Inc. To subscribe to Insurance Business ReviewVisit www.InsuranceBusinessReview.com Email:sales@insurancebusinessreview.comeditor@insurancebusinessreview.commarketing@insurancebusinessreview.com
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