When the COVID-19 public health crisis swept the world in March, stay-at-home orders increased across the United States, causing a huge spike in remote employment that left the economy reeling. By May, roughly one-third of Americans, including many in the insurance business, were working from home. There was a significant fall in claims volume, notably in the vehicle line of business, as many people ceased driving to seek refuge as this COVID-19 pandemic happened.
Today, we may look at insurance patterns that are expected to persist after COVID-19. Here are five critical lessons for insurers as the industry enters a new era.
COVID-19. Trends in remote claims processing were already gaining traction prior to the outbreak. Customers, for example, submitted car damage images to insurers for claim processing in 2018, and photo-based claims estimates have climbed tenfold in recent years.
Still, virtual claim processing was not widely seen as widespread throughout the industry, and several insurers had the move on their to-do list. However, with the majority of claims personnel now working remotely during the COVID 19 epidemic, several insurers have made a quick transition to remote processing. We fully expect this trend to continue, owing to possible benefits such as fewer costs associated with in-person loss inspections, enhanced client experience, and speedier claims processing.
Give three claim of fact, value, and policy about new normal? brainly.ph/question/12152155
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