Automated Settlement
While most insurance companies try to resolve accident
claims as quickly as possible, it traditionally takes up to 30
days -- or more -- to pay out to the policyholder. The
quicker an insurer can settle the claim and make the
payment, the happier the customer.
Munich Re offers a special application called "Remote
Industries" that permits the automated recording of
damage following a hurricane. Potential damage to
buildings can be roughly estimated as early as two days
prior to an expected hurricane and any preventive
measures can be undertaken.
Aerial photographs of the regions affected are available
immediately after the hurricane, permitting significantly
better and quicker estimates of damage. With the help of
special AI-based algorithms, the high-resolution aerial
imagery is used to estimate damage to buildings so
insurers often know how severe damage is even before the
policyholder does.
The rapid recording of damage significantly reduces the
time spent on claims handling, and loss adjusters can be
deployed much more effectively, and consequential losses
avoided. After Hurricane Michael struck the United States
in 2018, the results of this application demonstrated that
the improved processes reduced claims expenditure and
increased customer satisfaction.
TOUCHLESS CLAIMS | 10
Homeowner's policies cost an
average of $1445 per year in
the U.S.
85% of homeowners in the U.S.
carry homeowners' insurance
Average payment per
homeowner claim in the U.S.
was $8,787
There were 5 claims filed and
paid per 100 insured homes in
2020
Claim frequency has
decreased over the last two
decades, whereas claim
severity, the average amount
paid per claim, has increased
significantly.
Colorado and Nebraska
consistently have the highest
loss costs out of all 50 states
The most common causes of
home insurance claims (from
an analysis of Travelers
Insurance policyholders) are
wind, nonweather water
damage, hail, weather-related
water damage and theft.
Altogether, these five causes
make up 77% of all
homeowners insurance claims.
Fire caused the costliest
homeowners insurance claims,
accounting for 25% of claim
costs (though it wasn't one of
the most common claims
filed).
Homeowners Statistics
