‘A logistical nightmare’: Why insurers can’t predict final claim costs anymore

These advancements allow insurers to process claims more quickly, making initial payments without having to send an adjuster on-site. And, looking ahead, Schifrin believes artificial intelligence will play a greater role in claims processing. However, he sees even more potential in AI’s impact on underwriting, a point that chimes with the market sentiment in general. Data from CoinLaw found that, as of 2022, over 75% of large insurance companies have implemented AI for underwriting, claims processing, and fraud detection – with that figure projected to rise to 90% by 2025.