30 - Exploring the Future of Claims Management: AI, Efficiency, and Customer Experience
Navigating the Future of Insurance Claims: A Deep Dive with Industry Expert Gayle Herbkersman
Welcome to my latest blog post, where I, Chris, your guide through the evolving landscape of insurance claims, share the insights from a riveting conversation with Gayle Herbkersman, the North American P&C Head for Sapiens. Our discussion, originally aired on my podcast "Insurance Claims Innovation," delves into the intricacies of insurance software, the challenges of property and casualty (P&C) claims, and the revolutionary role of AI in reshaping the industry.
Gayle Herbkersman: From Agency Roots to Software Solutions
Gayle's journey in the insurance world is nothing short of inspiring. With a career that blossomed from the ground up, starting at an insurance agency, Gail has witnessed the industry's transformation firsthand. Her transition into insurance software was a pivotal move, one that allowed her to hone her expertise in business process outsourcing. Gail's emphasis on process efficiency and the adoption of emerging technologies has been a testament to her forward-thinking approach in a sector ripe for innovation.
Sapiens: A Global Force in Insurance Software
Sapiens stands out as a global provider of insurance software and services, catering to the nuanced needs of life and annuity as well as property and casualty carriers. Gayle proudly outlines the core capabilities of Sapiens' platforms, which encompass policy, billing, and claims management, not to mention digital portals and advanced analytics. The integration with third-party insurtechs is a strategic move, broadening their offerings and equipping customers with cutting-edge capabilities.
The Pressures of P&C Claims Management
In our conversation, Gayle and I tackle the pressing issues in the P&C space, particularly the urgency to streamline claims management. Investing in claims and new technologies is not just a matter of efficiency; it's crucial for customer retention and enhancing the overall customer experience. Gail doesn't shy away from addressing the elephant in the room: the surge in average bills and multimillion-dollar verdicts on the injury side of the industry. Here, AI emerges as a beacon of hope, with its potential to analyze return-to-work plans and assess treatment effectiveness for worker's compensation claims.
AI: The Vanguard of Claims Management
Sapiens' AI-enabled platform, developed in partnership with tech giant Microsoft, is a game-changer for the claims process. Gayle envisions AI's expanding role, from analyzing car accident photos to automating claim handling. Yet, she acknowledges the symbiotic relationship between AI and human expertise, especially given the regulatory landscape and the complexity of certain claims that demand human oversight.
The Double-Edged Sword of AI
Our discussion also delves into the potential pitfalls of AI, such as the imperative for expert deployment and the challenge of mitigating bias in AI models and algorithms. Gayle shares an intriguing use case of AI in medical professional liability, where it's leveraged to prevent claims by ensuring adherence to best practices in the operating room. The promise of AI lies in its ability to foster consistency and elevate the quality of claims handling, ultimately benefiting adjusters and the outcomes they achieve.
Embracing the AI Revolution in Insurance
As we wrapped up our enlightening exchange, Gayle extended an invitation to listeners to explore Sapiens' array of services and solutions tailored for insurance carriers. It's clear that the future of insurance claims is intertwined with technological advancements, and staying abreast of these developments is key to navigating the industry's evolution.
I want to extend my heartfelt thanks to Gayle Herbkersman for her invaluable insights and to you, my readers, for joining me on this journey. If you're intrigued by the intersection of insurance and innovation and would like to be a part of future conversations, don't hesitate to reach out. Together, let's continue to demystify the complexities of insurance claims and embrace the innovations that lie ahead.
