This week US insurance start-up, Lemonade has launched a world record claims settlement time of three seconds. Claims professionals and industry experts have warned about the associated risks.
Click here to read an article in Post magazine in which those in the industry share their views. BLM consultant, Terry Renouf said although the three second claims settlement is unlikely to happen in every case, “it does show the potential of the digital environment, of AI and the opportunities that arise. There seems to be no reason why in the world of digital receipts and shopping that the validation cannot take place in an instant - and no doubt other areas. The integrity of the databases used by the 18 anti-fraud algorithms will be critical and presumably the regulatory environment that allows data sharing…”