The future of claims management.
The insurance industry is currently facing a tech-driven shift. While the coronavirus crisis has magnified some of the major challenges facing the insurance industry, it has also accelerated the push toward greater productivity—and, in particular, the shift to digital.
This, coupled with changed customer expectations, new technologies and new market entrants require insures to rethink the claims journey. Rather than just throwing technology at the problem, insurers need to take a step back and re-imagine the customer journey.
We recently asked our team where they saw the industry heading. These were their responses.
Leaf Ahern – National Assessing Team Leader
People do not want to stand on the side of the road asking for a cab anymore. They want to be able to order an Uber and see where that transport is, how long it is going to be and how much it is going to cost them.
In the insurance industry, people want to be able to track their claim clearly, and they want to be able to pick up the phone and see where it is and that is something we can offer with our technology. I think that is going to be more and more pressing throughout the industry and society at large.
People want a tailor-made solution. One of the findings from the Royal Commission, as the General Insurance Code of Practice got reviewed and has now allowance in there for vulnerable customers, financially disadvantaged customers and that speaks to the flexibility and the agility that people now demand.
It is something that the industry, I think, is going to demand more and more and that is when we speak about our technology, our flexibility and our Agility as a company, I think that’s really going to hold us in good stead.
Martin Maguire – Head of Property – Australia and New Zealand
Based on what I have learned the last nearly 16 months in the job, the impact COVID-19 had on the world itself, but also within insurance and within our approach. Insurance is one of those industries that’s always been we need to get technology in, we need to get technology in and technology could. However, I think there is more of a force change now because of what COVID has brought. The good and the bad. Good in the sense of, there is a capability and opportunity there to do things better, do things faster, to do things of greater quality, to provide more customer experience. So that is my prediction where the insurance industry is going to go. It’s more of a force change of technology.
There’s one thing embedding technology for speed but you got to have that quality factor in there as well. Having the customer focus the understanding of what the customer goes through, because everything can be done by tech. So there is a fine balance between both.
Lux Ramachandran – Global head of Risk, Compliance and Audit
As the world we live in becomes more connected. This will allow us to better predict the level of risk, the cover that is required and in turn increase the effectiveness and efficiency of claims handling.
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