What’s on the horizon for commercial claims?

For years, personal lines has offered digital claims capabilities that have transformed the way consumers interact with insurers – all the while, commercial lines has been left in the dust  … or has it? Claims tech is poised to transform commercial lines, but is it in the way that you think? “[Commercial brokers] are seeing all the ways that you can have self-service claims and artificial intelligence in claims, and they are looking at their industry in commercial lines and going ‘how can we transform this and how can we leverage this?’,” says Laird Rixford, CEO at Insurance Technologies Corporation (ITC). “Insurtech is going to transform commercial lines, and it will be more of a revolution, because it will go from faxing all the way to customer self-service.” The revolution has to start somewhere, with a key area in need of improvement being document submission. Whether it’s sending documents via an internet portal or submitting video documentation, commercial brokers yearn for easier claims processing that can be aided with technology.