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Could Claims Challenge Current InsurTech Priorities?

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In the insurance sector, we are experiencing many levels of transformation, driven by the latest technological developments such as that of the Internet of Things, Big Data and Analytics, Blockchain that are rapidly and permanently altering the way that it operates. Let’s take a look at the most important developments that are impacting the industry, and look at the different issues that are driving present InsurTech agenda and then see if we can identify the most significant of the many.
All industries have their top performers and laggards, as well. The insurance sector isn’t an exception. A wealth of money is helping certain insurers take advantage of digital technology to transform their business practices and, in turn, to:

  1. Provide new models and customized products to meet evolving customer needs, determined by online sales models.
  2. Join forces with technology companies to ensure they stay up with the current technologies and trends. benefit from technology like the Internet of things to incorporate connected devices or sensors to collect information for loss prevention and use better pricing techniques in the field of property and casualty insurance and life insurance, and health insurance.
  3. Create a cyber-security plan to safeguard the personal and business information stored by them , and ensure compliance with privacy laws.
  4. Utilize cloud computing AI as well as automation in order to increase flexibility and speed, and help settle claims more quickly to provide better customer service,
  5. Utilize advanced analytics to gain important strategic insights, and to proactively plan future business opportunities and increase competitive advantages.
  6. Think about using blockchain technology to include “smart” contracts and secure decentralized data collection processing, distribution and sharing to their procedures.

Are these strategic plans enough to allow companies that take them on to enjoy industry and market leadership and eventually succeed? What are the capabilities required for insurance companies to ensure they are prepared to meet the requirements of the market, such as the expansion of channels or business model creation, in the future? What can insurers do to prepare themselves for the needs of the future while meeting the demands of today? The purpose of this article is to suggest that many insurance companies fail to appreciate the significance of managing claims for their businesses while focused on the other strategic imperatives that confront them. Let’s look at the reasons we claim that.

It’s no secret that clients are generally satisfied with a positive settlement of their claims, but are often very angry and post negative online reviews in the event that their claim is not completed or rejected. While claims satisfaction is a crucial aspect of an insurance company’s overall customer relations management however, it’s an ongoing process for most people at the present moment. Instead, they should focus on the customer and look inward as they look into the causes of the discontent of a client:

  1. Insurance companies must be attentive to the feedback of their customers and levels of satisfaction regarding their claims filing process and settlement process, particularly when they’re rejected.
  2. Insurance companies must collect customer feedback and integrate it into how their procedures are operating. Also, they should question the credibility of their sales pitches and determine whether the claim was genuinely denied.
  3. They should be attentive to their standing in this crucial aspect of customer satisfaction which can impact their ability to keep customers.
  4. It is important to remember that unhappy customers will don’t return for further insurance or for a new policy.
  5. Agents who encounter too many customers speaking out against the insurer’s claim settlement procedure tend to steer business away from them.
  6. The smoothness of the customer experience should extend to claims processing, since claim processing becomes a simple procedure.
  7. Insurers can utilize technology to offer an array of options for filing claims, such as uploading of photos and videos with greater speed and accuracy and fewer interactions with human.
  8. Since algorithms can identify fraudulent claims faster and claim handling improves in effectiveness. Data-driven claim prevention can aid in reducing costs and delivering benefits by predicting the risks and reducing costs.

In balancing the delicate of the detection of fraudulent claims and the payment of legitimate ones, insurers can cause a negative impression on customers through being too strict or skeptical. However, that doesn’t mean they should be hesitant and keep accepting every claim in a relaxed way. Any injustice, real or assumed, can determine whether a policy is renewed, or if our online reputation is damaged or the insurance company may confront a legal challenge before a judge. Although insurers strive to find the right technologies for their expansion of distribution channels and ensure they optimize their customer experience They must not lose sight of the necessity of eliminating fraudulent claims off their priority list. That’s why we believe that claims management might be a challenge to InsurTech priority in the industry of insurance. Are you convinced? Do you have a comment? Please let us know your opinions.

What do you think?

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No ROI Without Relevance in the Insurance Industry

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