PriyaPatel
TLDR:
- Improving the claims process and enhancing customer experience are top priorities for insurers.
- The use of technology to streamline claims management is crucial for future success in the insurance industry.
New research from Digital Insurance highlights the importance of utilizing technology to enhance the claims process in the insurance sector. Sponsored by Origami Risk, the Advancements in Insurance Claims Technology report emphasizes the need for insurers to prioritize customer experience and transparency, as these are key drivers for digital transformation. A significant shift in customer expectations towards greater transparency has been noted, with nearly half of all respondents indicating an increased expectation for transparency in the claims process.
The research also reveals that empowering customers to play a more active role in the claims experience by using digital tools can lead to cost reductions and improved transparency. However, a significant barrier for many insurers is the inability to automate processes effectively, due to cumbersome legacy infrastructure and data access challenges. Looking ahead, AI, communications, and big data/analytics are expected to have the most significant impact on claims management in the next 12 to 18 months, with potential use cases ranging from improving customer experience to detecting fraudulent claims.
The full report provides detailed insights into how insurers are leveraging technology to modernize the claims process and achieve operational efficiencies. It also highlights the role of AI, communications, and data analytics in transforming claims management practices. Overall, enhancing the claims process presents insurers with the opportunity to drive customer loyalty, improve operational efficiency, and gain a competitive edge in the industry.
