Podcasts Technology FNO: InsureTech Ep 11 - Mike Fulton, President of Xactware

Ep 11 - Mike Fulton, President of Xactware

Published: Feb. 22, 2019, 8:38 p.m.

\u201cWhen an insurer sends claim information to us\u2014we\u2019re the clearing house, the stewards of their data.\u201d - Mike Fulton

(click to tweet)

Self-driving cars are scary.

Are we really going to hand over our fate to algorithms and microchips? Whether we know it or not\u2014we already are are, with technologies like lane assist, self-parking, auto-braking. These \xa0micro-versions of the greater technology warm us up to the idea, so that when it is introduced to the market\u2014we embrace it fully.

And the insurance industry is doing the same right now with claims and automation.

That\u2019s why on today\u2019s episode of FNO: InsureTech, we are joined by Mike Fulton to discuss this future. Mike is president of Xactware Solutions. He oversees Xactware\u2019s integrated solutions for estimating, managing, and analyzing property claims as well as products for professionals involved in the repair and maintenance of bank-owned property and real estate sales.

Tune in to this episode to hear Mike\u2019s insights on everything insuretech-related, from automation in claims to computing power in insurance companies.

\u201cWhat most insurers are interested in automating are the very high-frequency, low-severity type of losses.\u201d - Mike Fulton

(click to tweet)

The FNO: Tips
  • Implement automation in your claims process according to policyholder demographics
  • Millennials aren\u2019t as willing to embrace automation as you might think
  • Studies show people are willing to give more money to a machine than a machine pretending to be human
  • Data is what drives automation; the more data you have, the more automated the system can be
  • The IoT and insurance industry are developing technologies that sell parts for repair at the time of accident
  • The future generation doesn\u2019t know how to fix things\u2014check out Nuts, Bolts & Thingamajigs as a solution
  • In 2018\u2014the insurance industry had $46 billion in loss claims
  • In the last 3 years, the average cycle time from contact to inspect has dropped 1.5 days
  • Insuretech typically means VC-funded\u2014and a smaller, younger team

Fourseventy Claim Management

www.470claims.com\xa0

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