"Connected Claims is an ecosystem. One that is reliant on some tried-and-tested procedures, honed over decades. Joining these are innovative solutions that explore faster, more efficient ways of delivering the claims experience. The process is rounded off by the human factor- bringing insight and empathy that helps cement customer loyalty and lifetime value"
Connected Claims Report 2019- Insurance Nexus
The clearly shows the need for digital claims platforms that TODAY delight customers, collapse costs and motivate claims teams. And future proof insurers to allow the deployment of AI and Voice components in years two to five. Furthermore, with an API architecture can incorporate the key technologies of years five to ten whether that included blockchain or not.
A key conclusion from this survey is that individual tools are not the key to success.
"“Voice may be a key component but it’s not valuable on its own. Same for AI and other solutions. Connecting them together is where you start to get value”.
Any digital claims platform worthy of its name must connect all aspects of the claims value chain.
"The technology available today will enable Customers, Brokers/Agents/Suppliers/Repairers/Third Parties/ Loss Adjusters/Lawyers etc to self-service their own input to a single cloud-based record which has been mapped out in digital technology by the Insurer including the ability to send and receive video and imagery and extract untapped value from unstructured data. The challenge is how can new digital technology be incorporated into an IT Strategy that does not require any major additional investment into legacy and requires no major project/heavy integration work."
Paul Stanley CEO 360Globalnet
So when the value of connected claims is so well understood why do Claims Officers not have the confidence to get the necessary funding?
May be they fear the high capital and revenue costs of even modern claims solutions. In that case there are proven platforms with a pay-as-you-go model. A three month POC will prove the effectiveness and ease the pain f securing funding.
It could be the fear of being beholden to IT and armies of coders. In that case chose a No Code Platform .
A no-code environment allows business users to develop and configure processes online at the desktop in plain English, replete with an array of all the necessary digital functionality in one place for: -
- Advanced self-configurable workflow
- Automation of tasks
- Orchestration of people
The survey shows North American Carriers to be far more conservative than European ones in their digital investment plans. If they feel that disintermediation by brokers is a challenge chose a digital claims platform that connects the carrier and its brokers and ensures a single digital record offers transparency for customer delight and operational efficiency (securely of course).
that Follow the link above to see the differing funding priorities both sides of the pond.
A focus on the customer is more than just good business practice. Understanding customers’ needs is the foundation for instigating cultural change. Our research reveals something of a paradox where the majority of carriers believe their claims process is at least satisfactory but know the time is ripe for a change, and yet many feel unable to persuade their organization to release the necessary resources. Understanding customer motivations, as well as the technical landscape, may well be the evidence executives need to secure that investment. While transformation may seem a radical process, executives are still focused on getting foundational processes in place before moving on to the more experimental technologies. Our research showed that four key areas will demand most of carriers’ attention in the near to mid-term: Digital, Data, Claims Technology and AI.
https://www.insurancenexus.com/blog/600-chief-claims-officers-where-invest
unknownx500
