With insurers facing significant headwinds, claims leaders must make a strong business case for digital investment. Understanding the full potential of advanced technologies and how they support claims priorities is an important first step.
Traditional insurers are facing a fight for survival. Insurtech challengers, unencumbered by legacy systems, are eroding their customer base with a seamless customer experience that pays claims in a fraction of the time. New sources of data such as driverless cars, telematics, and wearable devices need to be plugged into their existing systems to help price risk and assess losses. They must embrace the digital technologies that also threaten them to simplify claims processes, improve customer service, and sharpen their competitive edge. Claims leaders must choose digital investments that balance speed of payment, accurately estimate losses, and control expenses.
We quizzed over 60 senior executives in the insurance industry on their experience of transforming claims using digital technology, the impact on customer satisfaction, the wider business benefits, and their claims priorities over the next two years.