Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at [email protected]

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

McKinsey: Claims 2030: Dream or reality?

Article Synopsis :

A brave new world is upon us. Insurers are entering a new era of claims management. Each point of the claims process will be supported by a mixture of human intervention and technology that expedites the process seamlessly.

 The Digital Insurer reviews McKinsey’s Report on Claims 2030: Dream or reality?

Digital natives will make up half the population by 2030

This paper looks at what might be achieved by 2030 and how this will change insurance carriers’ businesses.

By 2030, half the population will be made up of generations y and z, the latter all born after 1997.

These are digital natives and will demand seamless, omnichannel, real-time interactions within the platforms they use.

Their needs must be balanced with the other half of the population, as generation x and baby boomers do not share the same preferences for digital interactions.

The internet of things (IoT), connected homes and businesses, self-driving vehicles, and wearable tech will share data instantaneously across ecosystems. Insurers will, therefore, know more than they ever have about their customers’ risk profiles and behaviours.

Fraud will be identified more easily and claims will be adjusted faster and more accurately. Knowledge will result in more tailored products launched at just the right moment reducing risk, preventing losses and seemingly satisfying all parties far more than is possible today.

Obsolescence is a part of technological development. As change accelerates, insurers with an agile culture will be the ones to survive. The others, like the dinosaurs, will become victims of evolution.

Integration, integration, integration

There are four areas insurers must focus on within the claims environment.

The first is to integrate the best parts of artificial and human intelligence. Humans will remain essential in the claims process, but they will become more productive and effective thanks to their robot friends.

The medium is the message

The next area is for proactive carriers to anticipate and proactively meet customers’ needs by communicating next steps and providing updates in the customer’s preferred medium. This may be via SMS, Snapchat or even a one-stop, omnichannel hub.

Video and data-sharing capabilities will allow claims teams to provide customers with rich, real-time information, answering all claims status questions digitally, thereby eliminating phone calls.

Prevention is better than a claim

The third area is the fundamental reimagining of the customer journey. For instance, dedicating 20% of claims organisation resources to preventing a claim instead of traditional claims handling.

Telematics coupled with connected devices (health trackers, wearable sensors, mobile phones) will make customers aware of risks before they arise. This will reduce losses and therefore claims.

This might be IoT sensors advising of freezing pipes and turning up the heating.

This will change the relationship with the customer as insurers will be partnering with them to reduce risks and therefore mitigate losses.

Integration is essential to survival

It is essential insurers integrate with the various different providers – AI, IoT, aggregators, etc – if they are to unlock value for the industry. It won’t be easy to be an integrator, but it may well become essential to their survival. The right computing tools and analytics will allow carriers to determine liability more quickly and make more accurate appraisals based on claimant submitted data such as photos for 90% of claims. This will make many claims a one-click process.

Most companies are working on aspects of this, but haven’t got to grips with completely overhauling the claims journey. That kind of transformation will require investment in new technologies and a commitment to a proactive and human centred customer experience.

Insurers must also adopt an ecosystem mindset, deal with data security and ensure they have the right capabilities to achieve all these things.

Doing nothing is not acceptable unless you have committed to being lost in the evolutionary scrum. The successful carriers will be the ones who have identified how they must change in order to transform the claims process.

Link to Full Article:: click here

Digital Insurer's Comments

There is increased focus on the claims process as a route to digital transformation and this paper leans on this heavily.

It cannot be done in isolation, but the suggestion that this new model for claims will be essential has some weight.

Some insurers have already succeeded in automating elements of their claims processes for parts of their business, such as auto, baggage and flight delays.

If we can do some of this now, there will be no excuse for developing this capability when technology – probably blockchain – influences areas such as healthcare claims.

Link to Source:: click here

Comments

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in