Blog
2021,11

Technology Solutions Impact on L.A.E

What are the 3 important letters in insurance? L.A.E. – These three letters, representing Loss Adjustment Expense, govern most decisions in the industry. Currently, L.A.E. is impacted in a meaningful way new technology investments, specifically A.I. focused on PREDICTIVE analytics. While this technology will help avoid risk, or a least price the risk appropriately, it has trouble anticipating the multitude of factors that complicate claims cost after an insurable event has occurred.

As attorneys become more aggressive and Private Equity becomes involved in litigation funding, the key to successful claim resolution is to engage engage all defense tools such as social media investigation, medical canvass, and public records searches at the outset of the claim, make these tools talk to each other throughout the claim, develop dynamic story lines throughout the life of the claim so the playing field is level when it comes time to resolve the claim. Fraud Sniffr can help.

https://www.mckinsey.com/industries/financial-services/our-insights/how-top-tech-trends-will-transform-insurance