Why P&C insurers need automation tools for the rising tide of catastrophe claims

It’s an uncomfortable fact we live with—but extreme weather is rising and becoming more severe as temperatures continue to rise, globally. In 2021, the United Nations published a report on the frequency of weather-related natural disasters in the past 50 years and reached the conclusion that extreme weather events have risen by 5 times. With this frequency comes rising costs of damages. While we still cannot predict nor control the weather, innovations in AI are making it possible for insurance providers to process claims as soon as disaster strikes. 

RPA tools have helped claims adjusters streamline some of the most mundane and time-consuming tasks. However, robotic processing automation (RPA) is no longer the cutting-edge tool it once was. The newest generation of AI-based automation tools far surpass legacy RPA software and dramatically accelerate claims approvals. 

In fact, Automation Hero’s deep-learning AI has helped insurance companies reduce claim processing times by 80%. This report provides valuable data on the rise of extreme weather events and the available technologies supporting insurance companies navigate the rising costs of damages.