AI to Power Innovation for Commercial Insurance in Mississippi

Commercial Insurance Mississippi CoverageIf you’re like many business owners in the Gulf Coast area, hurricanes are very much on your mind. You may wonder how your insurance company will handle a claim if you have one. The answer is many insurance companies are making their databases smarter. That could mean a quicker claims turnaround if a hurricane sets its eye on your region.

With hurricane season in full swing, insurers are working away to manage commercial insurance claims in Mississippi. After the insanely active 2020 hurricane season, insurance companies have required to prepare for a wave of claims not only in 2021 but in subsequent years. For example, Hurricane Ida made landfall on August 29, 2021, and the storm was so powerful it reversed the course of the Mississippi River temporarily. Is your business still reeling from the aftereffects of Ida? How can you feel confident that your insurance company is prepared for the next big storm?

The Problem: A Deluge of Paperwork

Hurricane Ida shuttered up to 1,000,000 businesses and homes—perhaps including some you may be connected with—throughout Mississippi and Louisiana. Were you among the property owners without power for weeks? Commercial insurance claims for this type of event get complicated quickly. However, when you need cash for your business to survive, time is of the essence.

Onshore and offshore damages associated with Hurricane Ida totaled between $25 billion to $35 billion, per catastrophe experts. This created a burden on displaced residents and business owners and insurance companies dealing with the flood of paperwork. It takes a lot of time to review each claim manually and enter it into a computer system. Therefore, an automated solution would improve the process and help you and other business owners get your insurance money sooner. In turn, a streamlined process could help you reopen your business faster.

So, what’s the solution?

Streamlining the Commercial Insurance Claims Process

Chances are your bank has already embraced big data, AI, and machine learning to enhance the services they offer you. But what about your insurance company?

While banking and other industries have turned to digital transformation to improve turnaround times and reduce duplication, the insurance industry has adopted technology changes more slowly. However, many insurance companies are now turning to Intelligent Document Processing (IDP) platforms. IDP is powered by AI to fast-track the review, processing and approval timelines for claims related to catastrophic events.

Your commercial insurance Mississippi agent can help you find an innovative insurance provider that has already adopted or plans to adopt this technology.

Finding Tools to Make the Transition Smoothly

Your insurance company may still have databases with unstructured data. If so, it must prepare the data first before taking advantage of AI and other technologies. That requires a detailed process of extracting, organizing, and interpreting data that includes scanned paperwork and electronic data. You might want to ask what initiatives your insurer has introduced to streamline the claims process. Whether you dodged the bullet on Hurricane Ida’s fury or suffered major losses, you deserve a forward-thinking insurance carrier that makes life easier, not harder.

IDP systems provide the following functionality to assist insurance companies with this transformation:

  • Assess liabilities by digitizing policy coverage parameters
  • Improve underwriting accuracy through access to additional market data and direct access to insurance documents
  • Facilitate the move to paperless operations, which are more efficient

Hawsey Insurance is working hard to connect commercial clients with business insurance carriers committed to making the necessary changes before another event like hurricane Ida can catch them unawares.

Are you a business owner in Mississippi? Now could be a great time to meet with one of our agents in Madison, Southaven, or Jackson. While requesting an online quote for commercial insurance in Mississippi, broach the subject of AI and other initiatives to find out if carriers you’re interested in embrace innovation.

Contact us today for assistance in finding an insurance company that you can feel confident will help get your business back up and running quickly after a natural disaster.