Actionable insights here for all those in the insurance world. I recommend reading these in parallel with similar article from Nigel Walsh
One key plank described by both is the adoption of customer experience platforms that involve claimants directly in the process speeding up claims processing and resolution, increasing customer satisfaction and stripping out cost.
Net Promoter Scores heading past 60 to 70 and 80+ are the proof in the pudding.
These platforms do not involve throwing out current back-office and ERP systems. Cloud based platforms are linked by a unique URL identifier giving one digital customer record joining both legacy and cloud platforms.
That opens up the true big data analytics potential of combining the structured and unstructured data across the enterprise fr a complete view of every claim and the context of every process
Tech enabled claims handling will increasingly become automated and self-serve in the hands of the customer. This addresses the unintended consequences of insurer’s efforts to contain costs and fight the fight against fraud. Up until now, insurers have built inefficiency, bureaucracy and layers of cost into their workflows. These impede customer service (from the customer’s perspective). InsurTech digital claims management platforms, videotech and self-serve claims solutions offer insurers a way to start again. Putting the customer first and in control, claims handling will shift to being a process based on speed to pay. Fraud will always be there and tech can prevent much of it. But the shift to speed to paywill benefit both insurers and customers in the long run. For more on this0Globalnet able.
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