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Why should this be high on insurer agendas?
As insurers continue to be challenged by rapidly evolving customer needs and expectations amid heightened competition, many have resorted to belt-tightening and “doing more with less” to shore up returns. However, as the pace of productivity improvements slows with existing staff and systems, many carriers are looking to boost their transformation efforts by integrating more advanced automation, fueled by software applications that run automated tasks, also known as “bots,” as well as machine-learning algorithms.
Robotic process automation (RPA) and cognitive intelligence (CI) technologies are fast-becoming a reality, given rapid increases in computing power and decreases in data storage costs.41 These options give insurers an opportunity not just to reduce expenses, but also to possibly reinvent how they conduct business.
What is changing?
RPA gives carriers the ability to automate mundane, box-checking-type tasks in underwriting, policy administration, and claims, potentially freeing up thousands of people hours. RPA solutions use bots to mimic the way individuals interact with applications and follow simple rules to make decisions and automate routine business processes, improving efficiency without the need of any fundamental process redesign.42 For example, about a third of the tasks in claims management typically deal with data entry and validation using multiple in-house and external data sources. A large insurer that automated these basic tasks realized a productivity gain of 68 percent, coupled with improved accuracy and compliance.43 Another major carrier utilized RPA to automatically aggregate 86 data points into a centralized document, leading to 75 percent faster adjudication of claims.44
CI goes one step further by providing insurers with tools to automate non-routine tasks requiring soft skills, such as intuition, creativity, and problem-solving. This is primarily driven by the refinement in several key CI technologies, such as handwriting recognition; image, audio, and video analytics; and natural language processing.
How are carriers employing these technologies? One P&C insurer built a cognitive virtual agent that could conduct a conversation with customers in natural language. With the automated ability to answer a wide variety of consumer questions while gathering information for a quote, the insurer realized a higher percentage of completed applications and increased online conversion rates, as well as an overall improved customer experience.45
These InsurTech solutions could eventually fundamentally alter existing in-house operations. Indeed, a report by the World Economic Forum, in collaboration with Deloitte, forecasts a potential future scenario where cognitive technologies are so pervasive that underwriting becomes much more automated than today, perhaps leading to the emergence of third-party underwriting specialty providers.46
In the meantime, cognitive technologies, combined with RPA and advanced analytics, can improve productivity of existing staff performing non-routine tasks—or could automate those tasks entirely.47 The potential benefits of RPA and CI go beyond cost reduction to offer decreased cycle times, flexibility and scalability, improved accuracy, and higher employee morale—at least among those who can make the transition.(*)
Mesothelioma, a life-threatening type of cancer that can affect the lungs, abdomen, and several other major organs, has been linked to prolonged exposure to asbestos. Many people who were victims of exposure have sought the advice of a mesothelioma law firm to get justice and help them cover the overwhelming expenses associated with this disease.
Most victims were exposed to asbestos at work. In many cases, the manufacturers of asbestos and asbestos-containing materials knew of the hidden dangers and risks of asbestos, yet failed to inform the public. Because of this, workers who developed health issues from asbestos exposure may be eligible for financial compensation to cover expenses such as lost wages, medical bills, emotional suffering, physical pain, and more.
If you suffer from mesothelioma, asbestos-related lung cancer, or asbestosis, you may be eligible for a large amount of compensation. Currently, there is over $30 billion in asbestos trust funds, set up for those who have been diagnosed with an asbestos-related illness. Fill out our form to receive our free Financial Compensation Packet. Our packet is loaded with information on leading mesothelioma attorneys in your area, how to file a claim for asbestos trust funds, how to get paid in 90 days, and more.
What Does a Mesothelioma Law Firm Do?
Law firms specializing in mesothelioma focus primarily on victims of this type of cancer as well as those with other asbestos-related diseases. For the best chance of a positive outcome for an asbestos case, it is important to avoid settling for a law firm that takes on all kinds of personal injury cases. You need a legal team that specializes in mesothelioma cases, as these types of lawsuits are complicated and require an in-depth understanding of asbestos exposure and diseases.
Attorneys at asbestos law firms have a deep knowledge of federal and state laws regarding asbestos use and how it has been used in a range of industries where workers were exposed. They also have sharp investigative skills and are able to dig deep to uncover when and where companies exposed workers to asbestos. You need the guidance and advice of this kind of law firm to have the best chance of a successful claim or lawsuit.
How Can an Asbestos Law Firm Help Me?
The legal process can be confusing for lay people, especially victims of asbestos exposure who are battling illness. A good law firm can guide you and help you better understand the process, your options, and the likely outcomes. Asbestos lawyers can give you answers to important questions:
Can We Prove there was Asbestos at My Workplace? If you can provide the law firm with your work history, they should be able to investigate and determine how asbestos was used at your workplace. In some cases, they may already have the information available.
Do I Have a Valid Asbestos Claim? Asbestos law firms know what you need to have a true asbestos claim. They can determine how strong your case is and estimate the chances that you’ll win. Most attorneys make sure they’re confident in your case before taking it on.
What is My Case Worth? If the firm decides you have an asbestos case, they will then be able to come up with an estimated figure for how much your case is worth. This estimation is based on past expenses, daily expenses, medical bills, lost wages, emotional trauma, physical suffering, future expenses, and much more. Keep in mind, however, that there is no set formula as to how much your award amount may be.
Who is Responsible for My Illness? It can be difficult for the average person to determine who exactly is responsible for exposing victims to asbestos. For example, companies can move, go out of business, hide, suppress relevant information, and change ownerships. Part of the law firm’s job is to research, seek out, and determine the entity or responsible parties that are liable for your exposure to asbestos.
What Should I Look for When Hiring an Asbestos Law Firm?
Simply choosing a law firm that claims to specialize in asbestos cases is not enough. Some firms may be a better fit for you than others, and some may advertise taking on asbestos cases while in reality they take on all kinds of cases. In addition to choosing lawyers you feel comfortable with, consider these factors:
The law firm should be able to prove it has experience in dealing with mesothelioma cases.
The law firm should be extremely knowledgeable in asbestos laws and prior cases.
The law firm should not only understand asbestos laws, but should also have extensive knowledge of medical problems associated with asbestos diseases.
Look for a law firm that focuses solely on asbestos-related cases.
Look for law firms with a stellar reputation in handling asbestos cases.
The law firm should always keep you updated on what’s going on in your case.
A reputable firm will give you an initial consultation at no charge before deciding on a firm.
Never go with a law firm that promises you a certain outcome. A good firm will explain your chances, but will never guarantee a win.
How to Work with an Asbestos Law Firm
There are things you can do to make sure the legal process goes as smoothly as possible and that your legal team has what they need to make your case. First, make all of your medical documents available to your lawyers. Next, be prepared to provide the law firm with your work history and information including the full company names, addresses, phone numbers, your job roles, and how long and when you worked at each job.
Finally, start keeping track of all expenses used pertaining to your disease. For example, always keep a copy of medical bills, hospital visits, mileage used to get to appointments, medical supplies, and any other expense you paid out due to your illness.
How Asbestos Law Firms Charge for Services
An experienced and caring law firm understands that victims of asbestos-related diseases are already financially burdened and are unable to afford up-front fees for legal representation. As a result, many firms work on what’s known as a contingency fee basis, meaning that they only get paid when you get paid.
Law firms usually charge based on a percentage taken out of your total settlement or verdict amount, and again, the percentage amount will vary depending upon the firm. Make sure you understand how the fees and percentages work with the firm beforehand so that there will be no confusion later on.
If a law firm doesn’t provide a contingency fee option for payment, there is a good chance that they don’t have the financial resources to successfully research and prove your case. Select a firm that has the financial capability to take on your case on a contingency fee basis.
Frequently Asked Questions
Do I have to go to court?
This is one of the most commonly asked questions, which is understandable, as most people who are dealing with an asbestos-related illness generally do not want to spend time in a court room. Most mesothelioma lawsuits are settled out of court, so going to trial is unusual.
In some instances, however, if the defense doesn’t agree on a settlement, or if you don’t agree on a settlement, you may have to go to trial, which requires going to court. An experienced law firm will help you through every step of the way, and if you are too ill to attend, arrangements can be made to record your testimony beforehand.
What if I don’t know which company exposed me to asbestos?
Part of an asbestos law firm’s job is to uncover the parties responsible for your asbestos exposure. The culpable parties are typically manufacturers who supplied asbestos to job sites, which could be one or multiple companies.
I have workers’ compensation benefits. Can a law firm still help me even if I have other compensation benefits?
Other compensation benefits, such as workers’ compensation or VA benefits, do not disqualify you from seeking compensation from the companies who exposed you to asbestos. An asbestos law firm can help you file a lawsuit against the responsible parties.
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