McKinsey- " Automation can reduce the cost of a claims journey by as much as 30 percent".

Digitising the complete customer journey from FNOL to settlement- including the supply chain could yield- could yield higher savings.

Combine this with improving

  • Customer experience
  • Net Promoter Score (NPS)
  • Leading to increased revenues

 and the target of doubling profit is viable.

See "Digital transformation, insurtech and doubling profits"

But this is short term - a laudable goal but in the longer term digital disrupters are nibbling away at traditional business models. This is the challenge-

See "The Elephant in the Insurer's Room"

and read the McKinsey Report below; 

"Time for insurance companies to face digital reality"