Smart money has been eyeing claims-related insuretechs in a big way, says Michael Vervena, an executive with iGUIDE. It’s easy to see why, with the promise of reducing adjusting time, costs and fraud. The property space in particular is on Michael’s radar. On this recording, he outlines how AI quickly identifies objects in a space and builds a view of property damage, speeding the claims-adjustment process. “How do you reduce costs without cutting corners—that’s where technology is really stepping up to help mitigate losses and is also taking fraud out of the equation,” he says. The personal touch in claims, however, is still critical, Michael insists. “Technology won’t take your job; you’re still dealing with people in a stressful situation and if you’re good at working with individuals, here’s an opportunity to reassure them, walk them through the process, and get them back to a clean, restored property. Technology brings transparency and reliability, but there is still a need for a relationship.”
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