In today’s fast-paced, digital-first world, policyholders demand more transparency, efficiency, and personalised service – meaning that the landscape of insurance claims is long overdue refurbishment. Insurers are responding by leveraging artificial intelligence and data analytics to streamline the claims process, reduce fraud, and enhance customer satisfaction.
This evolution is not without its challenges, as companies must balance innovation with regulatory compliance and data security concerns.
Speaking as part of the much-heralded Professional InsurTech Certificate, Brent Williams – Founder, CEO & President of Benekiva, a firm which specialises in delivering configurable technologies to transform the end-to-end claims and servicing experience, spoke passionately on the current state of play in the claims market.
Williams opened up on the burgeoning need for transformation in the sector – before discussing some of the finer details on how to achieve this.
He said, “If you look at the current state, there is an imperative need for transformation. However, we also know that this is difficult to accomplish for many carriers due to several challenges. First, many carriers still operate with multiple legacy systems, including green-screen applications. Some carriers believe their systems are immune to digitisation, thinking there is no way to digitise those processes. However, we have found that they are not immune to digitisation. With the right partners and technologies, you can advance your digital and claims transformation efforts.
“Second, we have found a lack of integration. When examining the claims process, for example, we spoke with over 400 claims staff over the years in the research process and now while working with carriers. Inevitably, we find claims staff sitting in front of multiple monitors with multiple applications open across the organisation,” continued Williams.
But moreover, the issue with the current claims market is the lack of optimisation towards the people involved in the chain.
Williams explained, “But when we talk about customer experience, we talk about three sets of individuals. We talk about obviously, the the policyholders or beneficiaries, they expect to be able to do your claims processes, anywhere, anytime, anyplace. But then the second experience that we need to help solve for is the internal claim staff. Again, these folks are very passionate about paying claims. And they certainly want to pay claims. But we have to give them the tools and the ability to do their job more efficiently and give them the opportunity to do things anywhere, anytime, any device.”
To listen to the whole presentation, enrol in the Professional InsurTech Certificate.
About the Professional InsurTech Certificate:
The Professional InsurTech Certificate course offers a comprehensive and practical exploration of Insurance Technology (InsurTech) for professionals operating in the insurance industry. With a focus on practical applications, the course covers vital topics including the fundamentals of InsurTech, adoption strategies for insurance companies, regulatory perspectives, data analytics, customer engagement, claims processing, risk assessment, and emerging technologies like AI and ML tailored specifically for the insurance sector.
Distinguished by its holistic approach to the InsurTech landscape, this course integrates real-world case studies with insights from leading InsurTech innovators and senior leaders from insurance companies.
You can enrol here.
