With insured losses from natural disasters surging by up to 83% and exceeding €100 billion for the fourth consecutive year, PortalPRO’s AI-powered technology delivers solutions to process claims in 3 seconds, resolve 80% of claims without inspections, and reduce payouts by up to 30% while combating fraud.
December 16, 2024. As climate change accelerates, natural disasters are becoming an unsettling norm. Over the past two decades, the frequency of climate-related disasters in Europe has surged by 83%, bringing unprecedented challenges to the insurance industry. In the first two quarters of 2024, these events resulted in losses totaling $258 billion globally and insured losses of at least $102 billion. This marks the ninth consecutive year with weather and climate-related economic losses exceeding $200 billion.
Insurers covered $103 billion of losses from natural disasters, a figure that was 4% higher than the decadal average. As claim volumes continue to increase, bottlenecks in processing and rising fraud cases strain the industry’s resources and erode customer trust, but it also creates space to leverage new technology like AI to alleviate this pressure.
PortalPRO, a company with an ecosystem of PropTech solutions for real estate maintenance and repairs, is using its AI-powered claims management tool to change how insurers respond to spikes in claims during such emergencies. Thanks to automation and real-time fraud detection and price estimation, claims can be processed in as little as three seconds, even during peak hours, ensuring prompt responses when needed.
“Natural disasters are no longer the exception—they are the new normal,” said Dalius Šimaitis, Holding CEO at PortalPRO. “As climate change accelerates, insurers must embrace solutions to meet the rising risks for their clients. We aim to make insurance smarter, faster, and more adaptive, ensuring that insurers and policyholders are prepared for future challenges. This is about turning adversity into opportunity and driving innovation that benefits everyone.”
The system can handle up to 80% of cases without needing on-site inspections, helping to minimize delays and improve efficiency. Its claims management tools also accurately flag suspicious claims, reducing payouts by up to 30% while ensuring a fair and accurate process.
“Insurance is no longer just about protection—it’s about resilience,” said Dariusz Chorostowski, PortalPRO’s Chief Sales Officer. “Advanced tools can streamline complex processes, ensuring timely support for policyholders while maintaining the integrity of claims management.”
According to the company’s internal data, following a significant storm in Lithuania in August 2024, PortalPRO processed claims 10 times faster than traditional methods, reducing standard cycle times from eight days to minutes—saving around 50 days for insurance companies overall. In the near future, further integration of automated systems could boost the efficiency of insurance claims processing by 600%.
PortalPRO’s solutions, including real-time damage detection, repair estimation, fair market pricing, and service provider matching, have been adopted for real estate maintenance in Lithuania, Portugal, Spain, Poland, Hungary, and the Czech Republic. These tools aim to support property upkeep and help property managers ensure the longevity of their property. The company is now exploring applications for the insurance sector.
