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.