Could Claims Challenge Current InsurTech Priorities?

insurance-tech

Driven by current technological trends, the insurance industry is witnessing countless changes. Just like the Internet of Things, big data and analytics, and blockchain, they are dynamically and irreversibly changing their operating methods. Let’s examine the highest trends affecting the industry, and discuss the various challenges that drive current InsurTech priorities, and see if we will summon the most important of all.

Every industry has its leaders and laggards, so the insurance industry is not the current exception. Strong funds are helping some insurance companies demand the advantages of digital technology to change the way they operate and:

1. Provide new models and personalized products to meet changing customer expectations, which is driven by online retail models.
2. Cooperate with technology companies to ensure that they continue to follow the emerging trends of technology, and demand the advantages of the Internet of Things to use connected sensors or devices to collect data to prevent loss, and use better in property and casualties, life The pricing method also serves as insurance.
3. Establish a network security strategy to protect the sensitive personal and business data they store and comply with privacy regulations.
4. Adopt cloud computing, artificial intelligence and automation technology to improve speed and adaptability, and resolve claims faster to improve customer satisfaction.
5. Use advanced analytics to gain strategic insights and proactively plan for future business products and gain a competitive advantage.
6. Consider using blockchain technology to embody “smart” contracts and ensure the security of its processes, decentralized data collection, processing, and distribution.

Are these strategic initiatives sufficient for companies that adapt to them to gain industry and market leadership and ultimately success? What capabilities do insurance companies need to have in the development of expanding channels or developing business models to organize themselves to cope with industry pressure? While meeting the expectations of tomorrow, how can insurance companies respond to future pressures? The purpose of this article is to assume that many insurance companies are not aware of the importance of claims management to their business, but they specifically study many of the opposite strategic requirements they face. Let us explain why this is so.

Customers are always proud of their honest claims resolution experience, but they are often strongly urged to be frustrated and start to publish strong negative online feedback when claims are delayed, disputed or rejected, which is a secret. Although claims satisfaction is a particularly important part of an insurance company’s overall customer relationship management challenge, for many people this is currently an ongoing process. Instead, they must focus on the purchaser, and they must concentrate inwards, because they delve into the causes of customer dissatisfaction:

Insurance companies must pay close attention to customer feedback and satisfaction, as well as their claims process and settlement experience, especially if they are rejected.

Insurance companies need to obtain customer feedback and incorporate it into the way the process works, and question the clarity of their sales conversations themselves, and see if claims are rejected. They must pay close attention to their reputation in the critical area of ​​customer satisfaction, which may affect their ability to retain customers.It must be remembered that dissatisfied customers never come for extra coverage or another policy.

Even if agents find that too many buyers object to the insurance company’s claims process, they tend to manipulate their business away from them.

The seamlessness of the customer experience must reach the claims processing, because the claims process becomes very smooth. Insurance companies can use technology to provide more options to file a claim, including uploading photos and videos, thereby increasing speed and accuracy, and reducing contact points with people. As the algorithm more easily detects fraudulent claims, claims processing will increase efficiency. Data-driven claims prevention can help reduce costs and deliver value by predicting actual risks and reducing premiums.

In determining the fragile balance between fraudulent claims and payment of legitimate claims, insurance companies may establish negative relationships with customers because they are too strict or suspicious. But this does not mean that they will trust and continue to approve every request. Any improper, whether true or assumed unfair, may decide whether to renew the policy, or our online reputation is damaged, or the insurer may face legal disputes in court. Insurance companies do their best to find the technology needed to expand their distribution channels and ensure that they create the best customer journey; they will not forget the importance of eliminating fraudulent claims from the priority list. This is why we believe that claims management may challenge the insurance industry’s priority to the insurance industry. What is one person thinking? Please write down and share your thoughts.

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